Word: petroleum
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...line. If the big oil companies were gouging the American people, Baker declared, they risked nationalization. Baker was wildly against even the thought of such a measure, but as a professional pol he sensed an ugly mood. His warning nearly cracked the picture windows in Houston's Petroleum Club. Baker's mail showed...
...last week conceded that prices would probably climb by about 11% during the year, just about the same as in 1978. Unanticipated large-scale Soviet grain purchases in the U.S. market are part of the reason, but food prices will also rise because of the escalating cost of petroleum products used by farmers and food processors...
...bite! The nation would be forced to conserve fuel, or produce more itself, to accommodate normal growth in the economy. But for the moment the quota's main, and not insignificant, value is to serve as a symbol of national determination to put some ceiling on foreign petroleum...
Even if Congress rejects some parts of Jimmy Carter's ambitious new design, the rising price of petroleum seems destined to awaken the nation from its energy stupor. As the cost of crude climbs, more and more technologies-some of them new and exotic, others as familiar as moonshine stills and windjammer sailing ships-are beginning to come on stream to conserve fuel and produce energy for the 1980s from unconventional sources. Clever inventors and canny investors see prospects of becoming instant energy millionaires. Long stagnant industries such as coal and steel stand to recover and prosper. Resource-rich...
...area. To produce a barrel of oil, about 1½ tons of rock must be mined and heated. So far, the process requires huge amounts of water -scarce in the West-and leaves huge piles of ashlike rubble. To avoid mining and the problems it brings, Occidental Petroleum is testing a new method. Fires are started in underground mines to separate the oil into pools; then it is pumped to the surface. That technique is promising but far from perfected...