Word: shale
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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...
...bill. Instead, it proposed a $32 billion package of tax credits and grants, to be financed directly by the Treasury, that would aid industry in converting from oil-heating systems to coal-fired units; it would also help to finance the development of unconventional energy sources like shale...
...their own. A far better idea would be to channel the wellhead taxes into R. and D.-perhaps by setting up a federal corporation to underwrite the efforts of companies struggling to find economical ways of coaxing oil out of otherwise exhausted wells, burning it out of shale or extracting it out of tar sands. Russell Long, the Louisiana Democrat who heads the Senate Finance Committee, has threatened to eliminate the wellhead tax from the Carter program unless the revenues are used to help expand production. He has a powerful point. Politically, it would be improper...