Word: shale
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...Secretary James B. Edwards are locked in a megabuck battle over the synfuel program. Stockman argues that synfuels will not make a significant contribution to American energy supplies for decades to come, and that private industry, rather than the Government, should pay for the development of projects to turn shale and coal into synthetic oil and natural gas. Edwards, on the other hand, maintains that synfuels will never become viable without Government support because private companies will not spend the billions of dollars needed for the risky programs. The Energy Secretary also insists that synfuels are needed to decrease American...
...putting the final touches to an ambitious $88 billion program for the development of synthetic fuels. Carter's grand design would have produced the equivalent of 2 million bbl. of oil per day, an amount equal to almost 40% of current petroleum imports, from abundant American supplies of shale and coal. But now there are major doubts about the whole future of synthetic fuels. Some Reagan Administration officials argue that private industry does not need Government help to develop new energy sources, and lower oil prices are weakening the incentive to produce the expensive petroleum alternatives...
...bitter private discussions, the two men had to take the issue to the President for a decision. Reagan surprised some of his closest staffers by agreeing to go ahead with $3.1 billion in loan guarantees for the Great Plains coal gasification project in Beulah, N. Dak., and the Colony shale oil venture near Parachute, Colo. Washington also authorized spending up to $400 million to guarantee the price of oil produced from shale by the Union Oil Co. near Parachute Creek, Colo...
...history's first oil gusher. Now, after more than a half-century of decline, the oil-and gasfields of Pennsylvania, Ohio, Kentucky and New York are gurgling anew. The fields are part of what geologists call the Eastern Overthrust Belt, a corridor of convoluted limestone, sand and shale that stretches 1,200 miles along the slopes of America's Appalachian Mountains, from the Adirondacks to Alabama...
...unspecified future time, tucked energy away like a rare bottle of wine." The Halbouty study contended that the U.S. can produce as much oil and gas in the future as it has in its entire history. The report claimed that there is more oil in one area of potential shale production than has been discovered in all the Middle East. The group, though, failed to say where that bonanza is located. They also pointed out that the U.S. has 60 times more coal than oil, 40 times more coal than natural gas, and is still the world leader in most...