Word: oilmen
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...voracious demand for oil increasingly outstripped new sources of supply in recent years, an energy crisis crept up on the world with fateful inevitability. Yet, despite spreading signs of scarcity, most government leaders in the U.S., Europe and Japan paid little heed to calls from oilmen for urgent measures to expand energy resources and curb waste. Instead, they chose to believe that there was time to formulate some painless strategy to avert a genuine global emergency...
...doubled its price, to $7.20 per bbl. In the past three weeks, Nigeria's has almost doubled, to $8.40 per bbl., and Indonesia's has increased 20%, to $6 per bbl. Price controls on U.S.-produced petroleum will be slowly loosened in the near future in order to tempt oilmen to expand exploration and boost supplies. Rising oil prices will lift the cost of such other fuels as propane, natural gas and even coal...
Newly discovered domestic oil, which is exempt from price controls, now commands $5.50 or $6 per bbl., about 60% higher than the going rate earlier this year. That high price makes it worthwhile for oilmen to squeeze more oil out of deep or inaccessible wells that previously did not pay. Recently, there has been a rush of exploratory drilling in Wyoming, Colorado and Utah...
...other side of the coin is that the Russians are desperately anxious for American trade and technology. Even as military alarms were being sounded round the world, U.S. oilmen, paradoxically, were mounting a $20 million display of oil-and gas-extraction equipment in Moscow. American technicians estimate that Soviet drilling and extraction equipment lags 15 years behind U.S. technology in the field. Thus it was novel but not really surprising to find the Soviet press berating Washington's diplomatic actions at the same time that it was wistfully quoting American businessmen as favoring "the liquidation of trade barriers" with...
...production of a well above last year's total-is exempt from controls, and it is now selling for $5.60 or more per bbl. By next year it is expected by independent producers to leap as high as $8. Indeed, Texas oilmen say that they have Government assurances that price regulations on all petroleum products will soon be loosened to give oil companies greater incentive to produce...