Faster Pace of Exploration
Effect of High Prices and Decontrols
The U.S. oil and gas industry is going all out to find what's left of the nation's petroleum resources. At remote sites all over the country, giant rigs are drilling two miles or more into the earth in search of new deposits. In Alaska, along the Rocky Mountain chain and in offshore coastal waters, drilling crews are exploring what may be the last frontiers of America's petroleum era.
President Reagan's energy policies have spurred a drilling boom that has been building up across the continent since world oil prices began skyrocketing eight years ago. The president on Jan. 28 lifted the last federal oil price controls, and his administration has pledged to turn the hard-driving oil industry ...