August 6, 1988 |
The Energy Department, taking a short-term loss of more than $1 billion, announced Friday that it will sell a synthetic fuel plant it helped build in the wake of the energy crisis of the late 1970s. Basin Electric Power Cooperative, based in Bismarck, N.D., agreed to buy the Great Plains coal gasification plant in nearby Beulah for an estimated $600 million spread out over the next 21 years, including about $115 million in immediate payments--far short of the $1.
August 24, 1985 |
Twenty months ago, when synthetic fuels programs were still politically popular, Los Angeles-based Unocal had ambitious plans to extract crude oil from Colorado shale deposits--and the Synthetic Fuels Corp. seemed ready to pay for them. The quasi-governmental corporation tentatively promised Unocal $2.7 billion in price supports for the tens of thousands of barrels of oil that Unocal intended to extract each day from shale ore in a proposed second stage of its plant in Parachute Creek, Colo.
June 20, 1985 |
A House subcommittee, trying to "cut our losses," voted Wednesday to abolish the Synthetic Fuels Corp. and establish a sharply trimmed synthetic fuel program in the Energy Department. If the 5-year-old corporation awards no more money, as much as $6.2 billion could revert to the Treasury. "If you're looking for ways to save money down the road, this is an easy one," said Rep. Mike Synar (D-Okla.
June 20, 1987 |
Unocal said Friday that it has dropped plans for a major modification of its oil-shale operations in western Colorado and won't use a controversial $500-million federal subsidy earmarked for the project. Company officials said they decided the changes, designed to capture and recycle excess heat from the current mining and oil-producing complex, would have cost about $352 million--or 35% more than expected. They also said they were not sure the technology would work.
CALIFORNIA | LOCAL
June 24, 1989 |
Meredith Lanz says he nearly "jumped for joy" two weeks ago when he saw President Bush on television promoting the use of methanol to fuel cars as one way to clean up the nation's air. Lanz drives an unexceptional-looking 1983 Ford Escort that runs only on methanol, an odorless, colorless liquid made from natural gas or coal. Widespread use of this "cleaner" fuel, state and federal officials say, could reduce smog levels in Southern California by up to 15%. "Maybe now I'll be able to find more fuel pumps," Lanz said.