Word: petroleum
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Dates: during 1970-1979
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...Jersey Petroleum Executive Miles Lerman, a survivor of Nazi slave labor camps in Russia, agreed. "There is no way to measure what the Germans did against the helpless. Still you can't allow it to kill your own life. You must go on. And speak out: about Africa, the boat people, anyone in trouble...
...book's basic thesis, which was reported in Foreign Affairs and TIME last spring, is both conventional and incontestable. It is that the nation's four basic fuels-petroleum, natural gas, coal and nuclear-are either depleting or face strong public opposition, and new energy sources must be phased in before the old are totally exhausted. The surprising aspect of Energy Future is its optimistic assessment of the potential of solar energy and conservation to carry the load as those "new sources...
...Petro-Lewis Corp., one of the country's 15 largest independent oil exploration and production companies. Lewis began as a consultant eleven years ago, and today he holds an interest in 11,000 wells in 21 states. Sitting amid the chrome and crushed velvet of Denver's Petroleum Club, Lewis gestures toward the Rocky Mountains still glazed with snow and exults: "This is today's big oil frontier. It is the most exciting thing in America's energy equation since the North Slope of Alaska...
America's oil shale, which is estimated to contain about 75 billion bbl. of recoverable crude, is also concentrated in the region. Elaborate pilot projects to get the oil are planned by Occidental Petroleum in western Colorado and Union Oil in southeastern Wyoming. The investment would be hefty-$120 million for Union's 20,000-acre test site designed to produce 9,000 bbl. daily-but there is a strong chance that Congress will approve a $3 tax credit for each barrel produced...
...spot market will probably get a further upward nudge from a separate Nigerian action, the abrupt nationalization last week of British Petroleum's exploration, marketing and production operations. The Lagos government declared that it was punishing BP for supplying oil to South Africa in violation of a Nigerian boycott, a charge that the company denies. The takeover deprives BP of an estimated 300,000 bbl. per day, but the Nigerian government is offering to sell the crude to any taker on the spot market, presumably including...