Word: shales
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Dates: during 1980-1989
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...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...
Exxon's cancellation of the Colony Shale Oil Project was more than a huge financial loss for the world's largest energy company. It was also a startling and crushing blow to the 2,100 workers who lost their jobs and to the merchants in the small prosperity. boomtowns that had been enjoying an Exxon-fueled prosperity...
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...