Word: shelf
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Dates: during 1970-1979
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...already spends 30% to 35% of its after-tax profits on exploration. But because all the easy-to-reach oilfields have been discovered, the drillers must now sink deeper and more expensive wells in more inhospitable regions, like Alaska's North Slope or the U.S. outer continental shelf. Since 1973 oil companies have increased the number of wells drilled by a dramatic 63.4% in the U.S. alone, but even at that, new finds have been disappointing, and proven reserves continue to decline...
...between halves of nationally televised NBA games, a whole new world will be opened. So buy this book for your father or your kid brother for his birthday. Like all sports books, they'll read it once, most likely enjoy it, and then put it on the shelf to gather dust, for it is, after all, just another sports book...
Jimmy Carter walked over to a shelf in the White House last week and took down a plastic model of lethal U.S. and Soviet missiles; the Russian rockets were painted a sinister dark gray, the American ones good-guy white. Built to scale, the gray weapons dwarfed the white missiles, reflecting the Soviet Union's enormous advantage in rocket power. "Now you see why it's so important to limit these things," remarked the President with a smile as he presented the model to his guest, Soviet Foreign Minister Andrei Gromyko...
...present prices-roughly an 18-year supply at current consumption rates. And though drilling activity has accelerated dramatically around the world since the quintupling of OPEC prices that began in 1973, new finds have been disappointing. But many promising sites have yet to be drilled-the outer continental shelf off the U.S. coast, for example, or much of the northern Norwegian coast. Oil geologists generally think there are no Saudi-size deposits waiting to be discovered, but there might be a few more North Slopes and North Seas...
With the U.S. now importing nearly half the 17.9 million bbl. of oil it consumes each day, the country needs every drop of crude it can squeeze out of the continental shelf. The Baltimore Canyon is hardly the Alaskan North Slope,* though with anywhere from 10 to 50 multistoried drilling rigs directly employing perhaps as many as 3,600 engineers, roughnecks and other workers, it may begin to look a bit like it. Even if the most optimistic guesstimates of the area's reserves (1.4 billion bbl. of oil and 9.4 trillion cu. ft. of gas) are correct, exploiting...