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Show BSlULSilllGSS akr tribune alt $bc Up ami Down the Street the Intermountain Area do count for a number of jobs and a lot of spending He Lkened Chevron's Intermountain operations to a microcosm of the giant firm's worldwide (1984 Assuming a yearly leasing scenario by the federal government and a "normal rate of dis sales $29.2 billion) operations. But for "shipping," Chevron is engaged in a wide range of activity, from wildcatting to refining, from pipelining to gilsonite mining to fertilizer manufacturing in the Intermountain Area. Still an important part of its inventory, he said, is northwestern Colorados Rangely Oil Field jn which Chevron is one of the owners and is the operator. Utah would stand tp get covery more than 4,000 new jobs and about $500 million in increased output by 1995, says W, E. Crain, vice president-exploratio- n of Chevron USA of Chevron Corp., San Francisco. Mr. Crain told the annual Utah Manufacturers Association luncheon Monday that a study by the National Ocean Industries Association indicates "virtually every state in the nation supplies some product used in offshore petroleum development. For Utah, the products range from helicopter services to drill bits, and from diving gear to high-tec- h geophysical instruments. The NOIA study, he said, assumes two scenarios: Leasing from now to 1995 at the yearly rate that existed prior to 1983. An "accelerated" yearly rate comparable to the 1983-8rate. Biggest beneficiaries, he said, would be blast furnaces, steel mills and boiler shops. Railroads and motor freight companies also would grow. So would copper mining and processing. What happens if bans and congressional moratoria are continued? The offshore lands are put off limits? Obviously, most of those new jobs would never be created. In fact, it seems more likeiy some current jobs 4 would be lost. While Mr. Crain didnt cite numbers, Chevrons ongoing operations in While Chevron sold its interest in the Bluebell and Altamont Fields of Utah to trim debt incurred in acquiring Gulf Oil Co., it has no intention of "the largest field selling Rangely in the Rocky Mountains and one of the largest in the U.S." But while Rangely has yielded 600 million barrels of oil out of 1.6 billion barrels in place, production has been now 25,000 barrels a day dropping compared with a peak of 60,000 a day in 1979. Chevron has mounted a project that will take carbon dioxide from Exxons La Barge, Wyo., field 220 miles by pipeline via Rock Springs, Wyo., through Utah and into Rangely where it will be injected in the field. That should coax another 100 million barrels out of Rangely and keep the field on stream well into the 21st Century. Chevron also is owner and operator of the pipeline that brings Rangely1 as well as Altamont and Bluebell crudes to the Wasatch Front for refining by area refineries. That includes Chevrons 45,000-barrwhich though daily refinery small by todays industry standards operates at a superefficient 90 percent of capacity compared with the industry standard, he said. $200-mil-li- In addition, when Chevron acquired Gulf, it got the Pittsburg and Midway Coal Co., operator of the nations largest open pit coal mine, at Kemmerer, Wyo. ; The exploration outlook? Biggest uncertainty is political, said Mr. Crain, recapitulating a con- cern that has been plaguing the U.S. resource industry for two decades. Nearly all the land that might hold new energy reserves is controlled by a level of government. There will be no new discoveries if governments don't make prospective lands available for exploration. To be sure, the the successful response of the market place to the more than tenfold increase in the price of crude oil in the decade of the 70s consumer resistance and efficiencies, and increased exploration and development outside the OPEC has led many to believe nations there is no need or urgency for exploration on public land. In our business, we believe our country must base its long-terenergy policy on reality . . . There is no oil surplus in the United States!" The nation still imports nearly a third of the oil the economy needs. That dependency cost about $50 billion last year almost a third of the record U.S. trade deficit, he said. "It will take a vigorous exploration program in the United States just to maintain Americas domestic oil production near the present level during the 1980s. To provide the new crude production we ll need in the 1990s and to prevent imports from reaching a we have crisis level in the to be finding new domestic supplies mid-1990- now ' Section D 21, 1986 1 Page NEW YORK (AP) "Once, long ago, in the middle of a very big ocean, there was a very small island And Chevron also is building the lines that will bring phosphate slurry from Vernal and heated sulphur from sour gas stripping operations at Carter Creek in southwestern Wyoming to Rock Springs where Chevron is building a major fertilizer plant, he noted. exploraTurning to his specialty Mr. Crain noted Chevron, tion which pioneered exploration and development of the Wyoming portion of the Overthrust Belt, has just completed a wildcat near Jackson, Wyo. "If that well is successful, it would establish the northernmost limits of production for the Western Thrust Belt the same trend that is so productive in southwest Wyoming. But: January Fed Comic Book Presents Children With Weighty Economic Concepts Exploration for Offshore Oil Could Mean Jobs for Utah By Robert 41. Woody Tribune Business Editor How does Utah figure in petroleum exploration 700 miles off California's coast? Tuesday Morning ... called Mazuma." So begins "Once Upon a Dime," a tale for children about money, inflation, lending and other weighty economic topics as told by the most powerful central bank in the industrial world. In a comic book, the Federal Reserve dee scribes how the island moves from a simple, barter-baseeconomy to a modern one. The text is geared to children in the fourth and fifth grades and is intended to help them learn about coins) currency, checking and banking, the Fed said Monday. Natives of Mazuma discover the disadvantages of bartering in Part I of "Once Upon A Dime. Dr. Millicent Diligent and Captain-Sharkput their marriage plans on hold while they try to trade fish and medical expertise for flowers for their wedding. The florist doesn't need a vaccination or fish but would like a new mosquito net. They attempt to trade their wares with the net maker but he would prefer coconut milk. Dr. Diligent and Captain Sharky despair of ever obtaining the flowers. They bring their troubles to King Bomba, who comes up with the idea of using something that all the inhabitants could use in trading. The wise king tactfully discourages a suggestion of using fish, noting they arent easy to carry around and dont keep well. King Bomba recommends using stones painted with the letters standing for the artists favorite words: Delightful, Imagination, Mineral and Eureka. The simple story sets out some fundamental concepts of money as a medium of exchange. Money is readily accepted, widely recognized and a convenient way to transact business. e make-believ- d FEDERAL RESERVE BANK OF NEW YORK - Assocloted Press Loserphoto This is cover of a comic book that explains basic economics to school children. , i " Besides Once Upon A Dime," which is available free from the New York Fed, the central bank has numerous other comic-styl- e booklets available- iv; Stock Prices Drop in Lackluster Session - NEW YORK (AP) Stock prices slumped in a subdued session Monday as many traders were absent on the holiday honoring Martin Luther King Jr. Government offices and some major banks and businesses were closed. The Dow Jones average of 30 industrials opened sharply lower amid pesoutsimism about the interest-rat- e look and lingering disappointment over the financial results reported Friday by International Business Machines. Some buying in the final hour helped blue chips trim the losses, and the Dow industrials closed at 1,529.13, down 7.57. Losers outnumbered gainers by 895 to 654 on the New York Stock Exchange, and 435 issues were unchanged. Volume on the Big Board contracted to 85.34 million shares " from 132.13 million Friday. The Market In Brief New York Stock ' Exchange "Today was very lackluster,, said Newton D. Zinder, a senior vice president for E.F. Hutton & Co. Jan. 20, 1986 UP VOLUME 654 85,340,000 SHARES 9 UNCHANGED I 428 ISSUES TRADED DOWN 2,005 923 A weekend meeting of governmnt officials from five major industrial countries did not yield a concerted commitment to bring interest rates down. Finance leaders and central bank governors from the United States, Britain, France, Japan and West Germany met in London to review a Sept. 22 accord under which they joined to drive down the dollars value. At the conclusion of the London talks, the five countries issued a statement saying they agreed that their cooperation on the dollar should continue. nAUEY JAGUAR! 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