Word: petroleum
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Dates: during 1970-1979
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...shipments, which had been disrupted by strikes and fighting earlier in the year. The National Iranian Oil Co. (NIOC) is now selling about 700,000 bbl. a day to the U.S. (compared with 900,000 bbl. a day when the Shah ruled Iran), or about 3.7% of American petroleum needs. The U.S. had resumed the sale of spare military parts as requested by the Tehran government. Last week the Administration quietly halted those shipments...
...never been more pressing. Last week the Senate easily adopted by a vote of 65 to 19 a $20 billion synthetic-fuel program that, among other things, would turn the nation's vast coal deposits into oil and gas. But of all the old and new sources of petroleum now being freshly examined, none is more promising or as controversial as the oil-bearing rock known as shale...
...Colo., that Caterpillars of the Colony Development Operation have already cut 300 yds. into a mountain of shale. Near by, in another canyon, Union Oil engineers monitor a conveyor belt delivering a stream of shale into a giant funnel. Some 40 miles south, at Logan's Wash, Occidental Petroleum miners have cut two mine faces into the sides of a shale mountain. Farther northwest lies another tract of shale land soon to be developed by Gulf Oil and Standard of Indiana...
...Piceance Basin, the heart of a geological formation containing the world's biggest known deposit of oil shale. Locked in the mottled rock is the energy equivalent of about 1.2 trillion bbl. of oil, or roughly 40 times the nation's present proven reserves of liquid petroleum...
...years shale oil remained undeveloped because conventional petroleum always hovered about $2 below the projected price of shale. Capital development costs have inflated almost as fast as OPEC prices. In the 1960s, when crude was selling for $2 a bbl., estimates were that oil from rock could be produced for $4 a bbl. Now, with world prices going up almost daily beyond the $23.50 OPEC level, shale oil may be produced for $30. But spurred by the ever higher price of crude, a group of energy entrepreneurs aim toward turning out more than 200,000 bbl. of shale...