Word: oilmen
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...will step up their search for domestic sources. Already they are moving their derricks farther and farther offshore to tap deposits under the ocean floor. One of the hottest exploration areas stretches along the Atlantic Coast from Maine to North Carolina, ranging from 50 miles to 300 miles offshore. Oilmen estimate that that area of the continental shelf may hold between 122 billion and 169 billion bbl. in potential petroleum resources-roughly 25 to 30 times as much as the U.S. consumes yearly. But a classic battle is shaping up between oilmen and environmentalists over whether to develop this possible...
...Richfield, Getty, Mobil and Texaco -have poked and probed the continental shelf in hopes of a big discovery. Recently oil and gas were discovered off Sable Island, Nova Scotia, and hopes soared. Geologists concluded that the find was probably part of a pool extending southward to North Carolina, and oilmen accelerated the Atlantic search. Most promising sites so far: Georges Bank Trough off Massachusetts, Baltimore Canyon Trough off the Middle Atlantic states and Blake Plateau off Florida. As Geologist Wilson Laird, the consortium's spokesman, told TIME Correspondent Christopher Byron: "We won't know if there...
...Atlantic could shatter the marine ecology and ruin resort areas, particularly around Long Island and New Jersey. They point ominously to three disastrous oil leaks in recent years, two off Louisiana and one in California's Santa Barbara Channel, which fouled beaches and killed wildlife. In rebuttal, oilmen argue that their record is good: only three major spills from more than 14,000 offshore drilling operations. To that, environmentalists reply that there are countless unreported small leaks that together pump far more pollution into the sea than the big spills...
EDMUND MUSKIE. As yet, no millionaire industrialists or oilmen have primed Muskie's campaign pump. There are in his camp a number of $10,000-and-under givers, among them Norman Cousins, who resigned last week as editor of the Saturday Review; Martin Stone, board chairman of Monogram Industries; and Sumner Redstone, president of Northeast Theater Corp. Muskie also received a boost last week with the addition of William T. King, a G.O.P. fundraiser, to his financial retinue. That was something of a coup. King, who has raised hundreds of thousands of dollars in California for Nixon, Ronald Reagan...
...state government has ever proposed to run such a project before, and a few of the stunned oilmen reacted as if they were dealing with the pressure tactics of a Middle Eastern sheik. A Humble Oil Co. spokesman charged that Egan's proposal was "particularly disturbing because it contradicts the basis of our competitive enterprise system," and the chairman of Sohio, Charles Spahr, warned that the plan had "cast a dark cloud over the future of private enterprise in Alaska." Last week, after meeting with Governor Egan in Juneau, top executives of the seven companies that own Alyeska agreed...