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...projects and import more luxury goods, Costa Rica got snared in the same dilemma that is afflicting countries throughout the Third World: the price of its exports dwindled, while those of its imports soared. In 1977 an 85-lb. sack of coffee produced enough foreign exchange to buy 13 bbl. of oil; today it buys less than three...
...pipeline was threatened. This year Atlantic Richfield's Arco unit is relying on the convoy to deliver machinery needed to begin drilling on the Kuparuk oilfield, 40 miles west of Prudhoe Bay. If it does not arrive safely, the lower 48 states will lose | the 80,000 bbl. of oil per day that the field I should yield from early...
Only a year ago, the Carter Administration and Congress were putting the final touches to an ambitious $88 billion program for the development of synthetic fuels. Carter's grand design would have produced the equivalent of 2 million bbl. of oil per day, an amount equal to almost 40% of current petroleum imports, from abundant American supplies of shale and coal. But now there are major doubts about the whole future of synthetic fuels. Some Reagan Administration officials argue that private industry does not need Government help to develop new energy sources, and lower oil prices are weakening...
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 $30 per bbl...
Moreover, oil industry skeptics point out that the proponents of synthetic fuels have been arguing since the days when oil was only $2 per bbl. that synfuels would be profitable if the price of petroleum went up another dollar or two. Yet every time the price of oil goes up, the estimated price for synfuel development also seems to increase. Those doubters predict that the cost of crude will have to go much higher before synthetic fuels are truly competitive with petroleum. Thus many of the ambitious plans for turning coal into oil and gas may stay on the drawing...