Word: sales
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Dates: during 1970-1979
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Stymied for nearly two years in their attempts to prospect for the huge quantities of oil and gas believed to lie under the Atlantic, U.S. oil companies suffered yet another setback last week. A federal court in Boston stopped the sale of oil leases on Georges Bank, a rich fishing ground 100 miles southeast of Nantucket. It thus put off for months, and possibly years, the day when drilling could begin...
...from 1.2 trillion to 4.2 trillion cu. ft. of natural gas in the region, sought to calm the fishermen's fears by promising to take proper precautions against leaks and spills. The Interior Department tried to counter objections by reducing the size of the proposed sale from 155 tracts to 128 covering 700,000 acres...
...fishermen were not satisfied. On behalf of the state's 30,000 commercial fishermen and several environmental groups, both the Commonwealth of Massachusetts and the broadly based Conservation Law Foundation of New England charged Interior Secretary Cecil Andrus with failing to protect the fisheries and sought to stop the sale. Federal District Judge W. Arthur Garrity Jr. issued a preliminary injunction barring the sale; after an eleventh-hour appeal, Judge Levin H. Campbell upheld it. Said the soft-spoken Campbell: "There may be issues more serious than one involving the future of the oceans of our planet and the life...
...companies gathered at the New York Hilton, envelopes containing their bids tucked in locked briefcases. A moment before the bidding was to begin, Frank Basile, manager of the Bureau of Land Management's Outer Continental Shelf Office, told the oilmen that Interior would not appeal and the sale...
Last week's cancellation was merely the latest obstacle to offshore oil exploration. In a sale held 18 months ago, 39 oil companies paid $1.13 billion to lease drilling tracts in the Baltimore Canyon, an area east of Atlantic City, N.J., that may contain up to 1.4 billion bbl. of oil and 9.4 trillion cu. ft. of natural gas. But a suit by New York's Suffolk County, which is worried about the impact of oilfield accidents on its $ 1 billion-a-year fishing and recreation businesses, has kept the oilmen ashore. "It's not fair," laments an oil company...