Word: oilmen
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...this preeminence brings no comfort to U.S. oilmen. Not only did output fall far short of domestic consumption; it did not even match the 9.7 million bbl. per day that the nation produced at the peak in 1971. The speed at which U.S. oil wells are operating is fast draining the nation's proven reserves. The outlook is for steeper production declines unless new sources of oil can be found...
...after more than a decade of concentrating their efforts overseas, the oilmen are sinking an increasing number of U.S. exploratory wells both on land and at sea. Oil companies have sharply increased their budgets for domestic exploration. There is so much new drilling planned that a shortage of tubular casing, drilling platforms and other equipment has developed...
More important, the Government exempted so-called new oil from price control. New oil encompasses both crude from new discoveries and oil that an existing well produces in excess of its output during a 1973 base period. In response, oilmen have sped the pumping of existing wells to their Maximum Efficient Rates* and made greater use of expensive secondary recovery methods, such as injecting water at high pressure into a well. The American Petroleum Institute estimates that as much as 5,000,000 bbl. might be recovered in this fashion. As Wayne Swearingen, chairman of Tulsa's oil-drilling...
...Many oilmen privately concede that Arab oil may be coming into the mainland U.S., mostly from Libya and Iraq, which have little faith in the boycott's effectiveness anyhow, and have urged instead wholesale nationalization of U.S. properties in the Arab world. Says Mundy's Robert Bunford: "You can leave Libya, switch papers and arrive anywhere. The Libyans don't care. You left Ras Lanuf headed for an unboycotted destination, and that's all the Libyans want to know." One independent Houston oil producer relates stories of tankers meeting and transferring crude from one ship...
...Oilmen are hardly pleased. Along with Chrysler President John Riccardo, they have long advocated postponing federal deadlines until the automakers could come up with a modified engine that would meet clean-air requirements without the catalytic converter-or unleaded gas. Congress, however, saw fit to ignore that argument last week. The result, oilmen warn, will be increases in crude oil consumption because producing lead-free gasoline actually uses more oil than making gasoline with lead additives...