Word: spindletops
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Once again, the nation's energy debate deteriorated into a cacophony of angry charges, bitter recriminations and defensive denials. As irate Americans paid their first newly inflated heating bills, Exxon and other oil giants last week reported a new Spindletop of profits. For a people unshakably convinced that somebody must be ripping them off on energy prices, here was smoking-gun proof...
...Spindletop of money lets off an uproar of controversy...
Executives of oil companies, which paid $1.13 billion to the Government for leases 18 months ago, were exhilarated. Reason: while they do not expect to strike another Spindletop or North Slope, the industry has known for years that substantial reserves were available off the East Coast. With the price of new oil virtually deregulated, those finds have become all the more desirable. Though the Supreme Court decision set no precedent, the oilmen hope it may move other courts to rule in their favor in a case involving those lease tracts in the Georges Bank area, 100 miles southeast of Nantucket...
Where are the finds of the future? The list of places to look is long, but expectations are limited. Almost no oil geologist expects that a drill bit will some day chew into another Kuwait or Spindletop. Only in the Soviet Union, China and the Middle East are there untapped onshore areas that bear the geologic marks of major potential reserves, and even new strikes in the Middle East are expected to be less sensational than the discoveries of earlier drillings...
...economy of Texas began distinguishing itself from the rest of the South at 10:30 a.m. Jan. 10, 1901. That was when oil was struck at Spindletop, near Beaumont. The find launched Texas into a growth era that has never really ebbed. This year Texas is expected to produce $81 billion worth of goods and services, greater than the entire national output of Australia...