Word: oilmen
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Today's technology has unlocked the sea depths, opening a new store of treasures. Oilmen can locate oil, drill and cap wells under the enormous pressures of 700 ft. of water. Mining companies know how to sweep minerals off the cold, abyssal plains 20,000 ft. down...
...industry objected almost immediately. Having found rich deposits of oil and natural gas way beyond the three-or even twelve-mile limit, oilmen wanted the new laws to extend national ocean rights out to the edge of the continental shelf. Energy needs, they argued through the Interior Department, should take precedence over defense considerations...
...Invitation. Other schemes are being suggested for other places. Gibbs Oil Co. has proposed one refinery inland from the deep harbor at Portland, Me., and Massachusetts politicians have invited oilmen to build another refinery in the economically depressed Lowell-Dracut area. Olympic Refineries has been investigating coastal locations in Rhode Island and New Hampshire. But wherever New England's first refinery may end up, local residents will have to approve it after confronting the persistent dilemma of economics v. ecology -the worst conundrum of the whole energy crisis...
...nationally televised news conference last week, the President contended that the rollback would deepen gasoline shortages, presumably by discouraging oil companies from stepping up exploration and production. Supporters of the provision say that it would knock gas prices down as much as 4? per gal. and still give oilmen more than enough incentive to boost output-since the rolled-back price would still be higher than any prevailing before late last year...
...problem is not the size of the oil contributions-corporate contributions are still legal and a major source of political parties' funds-but rather the favors the oilmen allegedly got for them. Whether the companies can clear themselves depends largely on the eventual testimony of Industrialist Vincenzo Cazzaniga, who until two years ago headed both Unione Petrolifera and Exxon's local subsidiary Esso Italiana. A warrant for his arrest has been issued, but he is now on a business trip abroad. Cazzaniga is specifically charged with having distributed about $2 million to politicians in 1972 to make sure...