Word: oils
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Dates: during 1970-1979
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...sales involved only a piece of paper being shuffled between desks; the actual oil never changed location. The most celebrated case to date involved the rip-off of Florida Power for as much as $8.5 million. Since that fraud was made public last August by the St. Petersburg Times, FBI agents have uncovered but not yet publicly identified other daisy chains, some apparently centering in Houston. Grand juries are said to be probing into these operations...
...says J.A. ("Tony") Canales, the U.S. Attorney for Houston. "You're damn right it is being done in unusual secrecy. I don't want to hurt anybody who is innocent. We are conducting an investigation with the FBI into certain business entities involved in the reselling of oil. I am informed that there were some 60 or 70 such businesses created almost overnight. Not all are under investigation, of course, but the investigation is mushrooming...
Some of the riskiest gambling anywhere is not in Atlantic City, N.J., but in a rough region 75 miles or more to the east. There, 39 companies have anted up $1.1 billion for leases to drill for oil and gas deep under the sea. While there is nearly a fifty-fifty chance of winning at blackjack, the odds of striking black gold offshore are 1 in 10-and there have been a lot of losers. Last month Continental Oil Co., having drilled a 12,000-ft. dry hole in the Baltimore Canyon off the Jersey shore, capped the test site...
...only two test wells-the Conoco and Shell dry holes-have been drilled to completion in the Baltimore Canyon. By comparison, at least eleven were sunk into Alaska's North Slope before a good find was made. In the North Sea, it took 50 false starts, and in oil-rich Western Canada the number reached...
Last week Texaco issued a cautious statement suggesting that it might be close to a find at 15,000 ft. in a Baltimore Canyon test site that it shares with several partners, including Getty Oil, Sun Oil and Allied Chemical. The company stressed that no firm conclusions could be drawn from its samples, but the mere hint of a strike sent Texaco's stock up 2½ points...