Word: petroleum
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...pledged to do what was needed to meet it. The leaders also agreed that: 1) protectionism poses dangers to international trade; 2) the International Monetary Fund should be supported in its efforts to reduce imbalances in international payments resulting from the huge monetary surpluses of the Organization of Petroleum Exporting Countries; 3) there should be greater cooperation between the industrial north and the underdeveloped countries of the south...
...members of the Organization of Petroleum Exporting Countries (OPEC) will be forced to raise the price of crude oil unless the high worlwide rate of inflation is checked, the secretary general of OPEC told a group of approximatley 75 at the Science Center yesterday...
...promising often turn out to be duds. U.S. companies have sunk well after well off the northwest coast of Florida in a spot where the geological characteristics seemed encouraging; they all have been dry. By contrast, oil turns up in places that looked hopeless. In the North Sea, Phillips Petroleum was ready to quit after four failed wells. The fifth, sunk at the insistence of the Norwegian government, turned out to be a gusher...
...land are likely to be small and scattered. In the U.S., where more than 2.25 million wells have been sunk in the past 75 years, only a handful of encouraging regions remain. Among the most tantalizing: the Rocky Mountain foothills; Wyoming, where rock outcroppings may indicate trapped petroleum reserves; and parts of Mississippi and Alabama...
...acceptable cost-economic or environmental. A court injunction has restrained federal leasing of drilling sites in the Baltimore Canyon until a fuller ecological study is completed, and Secretary of the Interior Cecil Andrus is holding off on other leases. Meanwhile, the blowout on the Phillips Petroleum rig in Norway's Ekofisk field in the North Sea (see ENVIRONMENT) is certain to buttress environmentalists' arguments about the dangers of offshore drilling...