Word: shale
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Exxon shuts down its shale project...
...synthetic-fuels program suffered its sharpest blow, one that could prove to be a major setback for large-scale attempts to develop energy alternatives to conventionally obtained oil. Exxon, the world's largest energy company, and the Tosco Corp. pulled out of their multibillion-dollar Colony Shale Oil Project in Colorado, effectively abandoning the most ambitious U.S. synthetic-fuel project...
...case for a federal energy tax is many-sided and obvious. As demand for petroleum has softened, drilling activity has begun to slow. At the same time, the drooping price of crude has reduced the lure of costly alternative energy projects like coal gasification and shale-oil mining...
...Exxon, Chevron and Sohio, are investing heavily in synfuels. Says Clifton C. Garvin. chairman of Exxon, which has committed $1 billion to such projects worldwide: "By the turn of the century, we think this country will get about 4 million or 5 million barrels a day of liquids from shale oil and coal. It's prudent to develop a reasonable-sized synthetic industry, in part because of national security, and in part because of economics...
Energy companies are also looking particularly closely at the high costs of all synfuel projects because of the declining price of oil. A shale oil or coal liquefaction proposal that might have been economically viable a year ago, when oil seemed to be heading toward $50 per bbl., might not make sense now, when the price is dropping toward...