Word: shale
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Dates: during 1970-1979
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That law not only will save energy but will also encourage investment in new and better products. But the environmental regulations that retard the switch to coal, the expansion of nuclear power and the development of oil shale are debilitating to the nation. They not only waste energy but also increase oil imports and kill off job-creating capital projects...
Other forms of alternate energy are held up by the huge costs of development. This is particularly true of power from the sun, tides waves and ocean currents, as well as oil from tar sands and shale. These sources stand to meet only a small part of the country's energy needs in the foreseeable future because the technologies are expensive, risks are high and immediate rewards are small. Progress may well require more Government grants, loan guarantees and tax incentives. What is needed to ease the nation's dependence on erratic foreign sources of oil is spending...
Meanwhile, what to do with the money will be a problem. More will be invested in developing new kinds of energy-shale oil, solar power, coal gasification-but the Sisters expect utility-type regulation by governments that will hold down their return. There is still strong sentiment in Congress to limit, though not forbid, acquisitions in non-oil energy fields. Acquisitions of completely unrelated businesses, like Mobil's link with Marcor, probably will be held back both by political opposition and by :he feeling of most oil managements that they should stick to fields in which petroleum expertise...
...will see a major expansion in spending for energy conservation and development. For nuclear, solar, shale, sands-all of them. We will get an extraordinary amount of basic research. There will be an awful lot of replacement and modernization across the board-in steel, paper, textiles, chemicals, aluminum. I don't know of a single industry that will not draw enhanced investment...
...House went along with the scheme, with slight modifications but the Senate rejected it. Instead, it proposed a $47 billion package to general revenue grants and subsidies to help industry convert from oil heating to coal, and to aid energy companies in developing unconventional sources like shale oil. The wellhead-tax dispute is the most difficult issue the conference committee faces. Supporters of the tax argue that without it, the oil companies would be handed a bonanza of unearned profits because they would get much more for oil that had already been discovered and was already profitable to sell...