Word: shales
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Dates: during 1980-1989
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Exxon shuts down its shale 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...
...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...
...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...