Word: drilled
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Dates: during 1970-1979
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...some fairly promising areas of Oklahoma, Texas and, most important, the so-called Overthrust Belt in the foothills of the Rockies. Says Joseph Reid, president of The Superior Oil Co.: "The price for new gas and oil is such that people can afford to take more risks and drill deeper than when prices were cheaper. We are drilling in places where we previously would not have drilled. What was uneconomical is now economical...
Decontrol could lead some oil companies to drill merely for the sake of appearances. Opinion among Exxon's top management was divided on whether to invest what eventually became $460 million last year in a so-far futile search for oil in the Baltimore Canyon area of the Atlantic. Though preliminary seismic studies were not encouraging, the company went ahead anyway. The decision was made partly on the grounds that it could not be seen as declining to explore in an area so close to the petroleum-hungry Northeast...
Slot. Common euphemism for verb to kill. Others: take oiT, waste, drill...
...worst of a bad situation. In the first place, early decontrol will not increase oil production; the reason is simple. Decontrol is scheduled to take place in 1981, two and a half years form now. But oil companies, which need a minimum of three years to plan and drill a well, process the oil, and get the product to market, are now planning all their new production on the assumption that there will be no price controls. Early decontrol doesn't give them any incentive they don't already have...
...recognize as real and not sham autonomy. One key issue is whether the self-governing councils to be set up for the West Bank and Gaza will have control over land and water. That would give the Arab residents the authority to curb Israeli settlements and the right to drill for water on public land, something that has been largely denied them since the Israeli occupation began in 1967. Predicts one U.S. analyst: "If the self-governing authority that is decided on is a real one-not just the dog catchers and the garbage collectors-then the people...