Word: shale
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Dates: during 1980-1989
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Tosco, though, was not big enough to carry the Colony project by itself. Its net worth is only $259 million, and it was hoping that revenues from oil shale would be large enough to make its investment in time, money and faith pay off. Winston, of course, thinks that Exxon acted too hastily. Says he: "Tosco believes that the project would be found satisfactory if full engineering and other assessment work were completed...
Exxon's departure left Union Oil with the largest stake in shale oil in the U.S. That company has a project not far from Colony's retort, where 1,700 workers are now employed. Union President Fred Hartley vowed to press ahead, calling Exxon's decision "irrelevant" to Union's plans. Says he: "We've always felt ours was the only project really going on. The others were simply going through the motions." The company plans to have up to 700 more workers at the shale works by June. In 15 months, its plant should...
...Department of Defense is already committed to buying much of the product refined from the Union Oil output. Thirty percent of Union's shale-oil production will be refined into jet fuel, and 70% will be made into diesel. The Government has agreed to pay $42.50 per bbl. of the product, plus automatic increases that will be tied to inflation, no matter what happens to world crude oil prices. This would channel up to $400 million to Union in price guarantees during the first seven years of the contract, not far from the $550 million it will have spent...
...proposed by the Carter Administration to make federally guaranteed loans for synfuel projects, is off to a slow start. The Reagan Administration's market-oriented philosophy does not foresee a major Government role in synthetic energy production. A large part of the $17.5 billion allotted by Congress for shale under Carter has not been spent. Another $68 billion, envisioned in the original program as being spent on synfuels in a second phase in 1985, probably will not be appropriated...
...shale and other synfuel development may be sliding into a long twilight. This has happened several times in the past. Said a Department of Energy Official: "We've been witnessing the birth of this industry for 100 years." In the 1920s, oil was in short supply and there was great talk about shale development. Then the East Texas oil fields were discovered, and shale was forgotten. For now, Colorado shale rock is likely to remain in them thar hills. -By John S. DeMott. Reported by Robert T. Grieves/New York, Richard Woodbury/Parachute