Word: petroleum
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Ensconced in their aeries overlooking Santa Monica Beach, the residents of Pacific Palisades sit atop 60 million bbl. of oil. Occidental Petroleum had fought for 18 years to get at the oil, while environmentalists battled the company in court, warning of the risk of earthquakes throughout the Malibu area. The no-drilling battle cry was taken up by celebrities such as Walter Matthau and Carol Burnett. Last month, however, the California Supreme Court finally allowed Occidental to begin drilling at the base of a 225-ft. cliff next to the Pacific Coast Highway...
...long-term blueprint for U.S. financial stability, however, the Reagan budget is woefully inadequate. For one thing, the President intends to raise $10 billion in 1989 through the sale of federal assets like the Naval Petroleum Reserves and other one-shot gimmicks that will do nothing to reduce the deficit permanently. The President wants to boost outlays for education, law enforcement, science and AIDS research -- all worthy proposals -- but steadfastly refuses to support tax hikes to finance increased spending over the long run. Moreover, Reagan's budget projections are based on the decidedly optimistic assumption that the gross national product...
...horseback representing the North- West Mounted Police, Calgary today looks nearly brand new. Credit that to oil, which lies beneath the surrounding prairie in vast pools and has made a passel of folks as rich as the Ewings from Dallas. Of the 1,000 or so petroleum companies registered in Canada, 800 hang their Stetsons in Calgary. Block after block of antiseptic-looking office towers have popped out of the ground in the past 15 years, creating the illusion on a crisp February night of a skyline cut meticulously from cardboard...
When the supertanker Amoco Cadiz foundered in 1978, spewing 68 million gal. of crude oil over the beaches of Brittany, it created the worst petroleum spill ever to hit land. It also launched one of the world's stickiest legal battles. The French government and a host of other plaintiffs claimed $1.6 billion in damages...
Suddenly, without warning, the Victor, a Philippine tanker carrying 8,800 bbl. of petroleum products, collided with the Dona Paz. Immediately, the tanker's cargo ignited, setting the sea aflame. As the inferno engulfed both ships, dozens of passengers leaped, diving deep to avoid the burning waters. Swimming beyond the fiery oil, Eugenio Orot, 27, surfaced hundreds of feet away from the ferry. As the anguished screams of children calling "Nanay!" (mother) and "Tatay!" (father) echoed around him, he searched desperately for his two children and wife, but to no avail. Within four hours, the Dona Paz and the Victor...