Word: shale
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...have often been recruited from the oil industry, are either being deceived by their experts or are deliberately misinforming the investing public about technological advances in synthetic oil production. Meanwhile, the large oil companies have ignored coal as a source of oil and are turning to distilling oil from shale. In extracting shale oil the companies are determined to distill the shale above ground, instead of underground, which is the cheaper and less environmentally--destructive method. Technologists in the Bureau of Mines have estimated that shale oil can be distilled underground for less than a dollar a barrel...
George Otis Smith, head of the U.S. Geological survey during the period of early technological break through in coal liquefaction and shale oil production in the 1920's, congratulated the engineers responsible saying. "You men have proved something more valuable than any other researchers in the federal government. We now know that we have enough cheap oil in our coals to last for ever." But Gifford Pinchot, the conservationist, had enough experience with the power of large companies acting in collusion to warn, "The fuels trust will never permit the shale oil and oil from coals projects to get developed...
There is considerable doubt in and out of Washington about just how effective a floor price would be in promoting energy development, particularly in the U.S. Atlantic Richfield Co. and three other firms recently suspended a big oil-shale project in Colorado after cost estimates for a 50,000 bbl.-per-day plant jumped from $450 million to $800 million. A price of $7 for oil, concluded the Federal Energy Administration in its Project Independence Blueprint last fall, could boost consumption back to wasteful levels while providing only a slight stimulus to production, thus actually increasing U.S. dependence on foreign...
...other legislation to enable utilities to burn more coal; enacting heat-saving standards for all new buildings; budgeting more federal money for energy research and development. He set a list of specific goals to be achieved by 1985: production of 1 million bbl. per day of synthetic fuels and shale oil; construction of 150 "major" coal-fired power plants, 30 new refineries and 20 synthetic-fuel plants, in addition to the new nuclear plants and coal mines. Picking a rare hero for a Republican President, Ford compared his goals to Franklin D. Roosevelt's 1942 pledge to build...
...Fast development is inevitable in the oil countries, and it will help work off their surpluses by spurring their imports. For their part, OPEC members may lend or invest some of the huge sums of capital that oil importers will need to develop energy supplies from the atom, from shale and sands and, probably many years from now, from the sun and wind...