Word: shale
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Part of Denver's office glut reflects the collapse of the synfuels industry, which was to have produced high-cost fuels from shale, tar sands and other sources. Dozens of projects have been shelved in the face of falling energy prices. One of the largest was Exxon's multibillion-dollar Colony Shale Oil venture near Parachute, Colo., which was closed a year ago at a cost of 2,100 jobs. Recalls Allen Koeneke, president of the First National Bank in Rifle, Colo. (pop. 3,215), some 17 miles away: "When the news hit, we would have...
...zinc and molybdenum mines from Nevada to Papua New Guinea. But the company has lost $383 million on these operations because of the slowdown in nuclear reactor construction and a fall in metal prices. After investing nearly $1 billion in a project in Colorado to develop synthetic fuel from shale, Exxon abruptly suspended the program last spring. Exxon Senior Vice President Jack Bennett says the company still thinks that "some of these ventures may yet pay out handsomely in the future...
...jubilant that Exxon shut down the Colony Shale Oil Project in Parachute, Colo. [May 17]. I will not miss the high prices for food and housing, the escalating crime, or the loss of our quiet way of life. Because of Exxon's synfuel program, our fields, orchards and beautiful mountains were being forfeited to accommodate the influx of people...
...pullout by Exxon from the Colony Shale Oil Project does not diminish the potential for synthetic fuels as an eventual solution to our energy problems. Government and private energy planners forecast rising world oil prices in the near future. All foresee the necessity for synfuels before the year 2000. The pullout by Exxon underscores the need for the Government to set a firm, long-term policy through the Synthetic Fuels Corporation for the development of a synfuels industry...
Despite last week's shock, longtime residents of Parachute retained a dogged optimism. They hope that a Union Oil Co. shale project in the area will stay on track and doubt that they have seen the last of Exxon. Said Cecil Gardner, 54, a Parachute native who operates the town's Conoco gas station: "There'll be a boom again. You just wait till gasoline goes up a few more cents a gallon. Oh hell yes, they'll be back." Local people still hope that Parachute and Battlement Mesa will not become ghost towns like Silver...