Word: petroleum
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Dates: during 1970-1979
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...brothers for uppity younger siblings. No longer is that attitude possible or plausible, and one big reason is oil. Since 1972, when geologists drilling into the cactus-studded wasteland of Tabasco state tapped into the gigantic Reforma oil and gas field, Mexico has turned up one immense deposit of petroleum after another. In his state of the union address in early September, López Portillo boasted that Mexico now had proven combined reserves of 45 billion bbl. of oil and gas. Officials of Pemex, the national oil com pany, predict that as many as 200 billion bbl. of crude...
There may be no outright fuel shortages this winter. Since April the Administration has been pressing petroleum companies to build up stocks, and now they have stored 217 million bbl., vs. 207 million bbl. at this time last year. As a result, Energy Secretary Charles Duncan last week said that the Government will stop its three-month-old program of paying $5-per-bbl. subsidies for imports of foreign heating oil refined in the Caribbean. This was an ill-conceived scheme that enraged Europeans, who charged that Washington was forcing up the price of heating fuel worldwide...
DIED. Juan Pablo Pérez Alfonzo, 75, former energy czar of Venezuela and chief architect of the Organization of Petroleum Exporting Countries; of cancer; in Washington, D.C. Pérez Alfonzo helped form the Accion Democratica party in 1941, became Minister of Mines on its rise to power four years later. He sought to organize a union of oil-producing nations, a goal realized in 1960; and to nationalize Venezuelan oil, which was done in 1976. In recent years he admitted that as "the father of OPEC, I sometimes feel like renouncing my offspring...
UNFORTUNATELY NEITHER the decontrol of oil nor the production of petroleum from unconventional sources nor divestiture of the oil companies is likely to reverse the decline in domestic oil production. The argument that decontrol of oil prices would encourage oil exploration does not obscure the fact that "over 2 million wells have been drilled in the United States--four times as many as in all the rest of the noncommunist world combined." Shale oil would cost far more than conventional oil and takes too long to develop--"a production level equal to about half of one percent...
...body cost $25,000 in cash. Student Steve Mann insists that the car would be "as cheap as or cheaper" than any current production model to massproduce. Mann is young and tousle-headed. But with poise beyond his years he points out that if society were to switch from petroleum-based fuels to hydrogen, fuel would cost the consumer only about 180 a gal. in gasoline equivalent. "But it'll take ten years before people realize there are oceans of water out there full of hydrogen...