Word: oils
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Dates: during 1970-1979
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...question is whether there is much domestic oil left to be discovered. Oilmen say there is, but the odds are against them. With fully 507,034 operating oil wells dotting the landscape, the U.S. is the most explored region on earth. Last year companies and wildcatters drilled 48,573 new wells around the country, but discoveries were disappointing...
Decontrol could lead some oil companies to drill merely for the sake of appearances. Opinion among Exxon's top management was divided on whether to invest what eventually became $460 million last year in a so-far futile search for oil in the Baltimore Canyon area of the Atlantic. Though preliminary seismic studies were not encouraging, the company went ahead anyway. The decision was made partly on the grounds that it could not be seen as declining to explore in an area so close to the petroleum-hungry Northeast...
Carter's windfall profits tax would permit oil companies to keep fully 50% of the decontrol bonanza to spend on the search, and that seems plenty. The other half would go into an Energy Security Trust Fund. As he proposed to Congress last week, about 75% to 80% of the fund's money would be spent on financing the development of alternative sources of energy like solar power...
...oil and gas that can be extracted from coal, and the petroleum that lies trapped in shale rock. Fifteen percent or so would be spent on aid to low-income families that would suffer from rising fuel prices. The remaining 5% would go for further development of the nation's mass-transit system...
Carter's tax approach will help ensure that many kinds of companies, small as well as large, and industries besides oil will get a chance to test daring ideas. Oil companies should not be encouraged to try to dominate, or monopolize, whole new alternative-energy industries that come into being to compete with petroleum. In such esoteric fields as the direct conversion of sunlight into electricity and the extraction of gas from sea water and oil from coal, companies in other industries?electronics, mining, shipbuilding?have as much expertise as the oil industry and, in some cases, more...