Word: oilfields
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...finally, the week in which the once proud and orderly kingdom of Shah Mohammed Reza Pahlavi seemed almost beyond recall. The streets of Tehran rocked with pitched battles. More than 20 demonstrators lay dead, hundreds were wounded in battles with the Shah's soldiers. A crippling strike by oilfield workers shut off the Iranian petroleum spigot and plunged the economy into chaos. Banks, schools and stores were closed. Iran Air, the national airline, canceled all flights. Bus service halted. The nation was on its knees and, were nothing done, would soon be prostrate. His earlier attempts to establish...
...front. Last week federal prosecutors disclosed in a Fort Worth courtroom that as early as 1974, Estes was back wheeling and dealing. One deal involved conning a leasing operation of Borg-Warner Corp. of Chicago and other firms into paying for some nonexistent steam cleaners, used in washing down oilfield equipment. Estes then arranged for Wallace Oil Co. to pretend to lease some of the phantom cleaners. When the Chicago firm sent a representative to see its equipment, he was, according to a Justice Department official, "given a little bit of the run-around." Estes and associates are accused...
...lease drilling tracts in the Baltimore Canyon, an area east of Atlantic City, N.J., that may contain up to 1.4 billion bbl. of oil and 9.4 trillion cu. ft. of natural gas. But a suit by New York's Suffolk County, which is worried about the impact of oilfield accidents on its $ 1 billion-a-year fishing and recreation businesses, has kept the oilmen ashore. "It's not fair," laments an oil company executive. "The Government is holding a billion dollars of our money, and we've lost a year and a half of the five years the leases give...
...last week, and no one would disagree. At present, nine of the eleven Cabinet departments deal with energy policy in one way or another. So do five independent energy agencies. Programs of various sorts in the field have spread through the Washington bureaucracy like derricks in a West Texas oilfield: the Federal Energy Administration runs a total of 23 separate data-collection projects, the Federal Power Commission 40, the Interior Department 22, the Energy Research and Development Administration...
...Huge Oilfield. The conflict was not simply over one ship, of course, but over its mission: to search for oil. Ever since the discovery of oil off the Greek island of Thassos in 1974, there has been speculation that the Aegean might contain a huge oilfield. For both, the cost of oil has consumed 80% of foreign currency earnings, so each considers the search for new sources a matter of survival. When several foreign companies rejected Turkey's invitation to explore the disputed waters, the Turks decided to set out on their own. At a cost of $3.7 million...