Word: reservesâ
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...dizzying realm of oil statistics, that rough estimate requires major qualification. Reserves are measured in three ways: proven, probable and potential. Unlike other countries, Mexico further complicates matters by lumping oil and gas together; about two-thirds are oil, one-third gas. The government figures its proven reserves???oil and gas that can be recovered with existing technology at current prices?at 20 billion bbl. This total is expected to be raised soon to about 30 billion bbl., which would make Mexico's known supplies of oil slightly larger than those of Venezuela or Nigeria, though far smaller than Saudi...
...Social Security taxes for most U.S. workers and their employers, starting next year. Actually, the Congressmen had no choice. Persistently high unemployment rates have meant a loss of billions in revenue for the system. Benefits for the 30 million people now drawing checks from Social Security are depleting its reserves???$46.1 billion in fiscal 1977?at an accelerating rate. The deficit that year was $5.6 billion. Unless something was done, the system was expected to go broke by the early 1980s. To keep it from drowning in red ink, the House approved, by a vote of 275 to 146, legislation...
...Bank of England, in his quiet sanctum, Montagu Collet Norman sat one morning last week, and probably he stroked in anxious meditation his courtly Vandyke beard. Invisibly the battle of gold was on. It was a question whether to call out the ordinary reserves???whether to raise the rediscount rate of the Bank of England...
...compensations. I can look back over the period and see the evolution of the Army from a small body of highly specialized Indian fighters, for the most part remote physically and mentally from the great mass of their fellow-citizens, into the Army of today?Regulars, National Guard and Reserves???two-thirds of which are civilians participating in the business, political and social lives of their various communities, but none the less integral factors in the national scheme of defense...
Fame, unsought and perhaps unwelcome, has come to two of the naval petroleum reserves???Teapot Dome and Elk Hills, immortally linked with Harry F. Sinclair and Edward L. Doheny. These reserves may well be envious of their younger brother, reserve No. 4, which is just about to be explored. Last week a telegram reached the Department of the Interior. It stated that Dr. Philip S. Smith of the Geological Survey had just left Nenana, on the Alaskan Railway, with a dozen men and 140 Eskimo dogs, going out into the unknown...
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