"The petroleum industry is suffering unprecedented economic problems that are impacting heavily on future domestic energy supply," he said. "If enacted into law, the conference report would cost the petroleum industry a minimum of some $10 billion - part coming from energy-specific tax cahnges and part from the bill's impact on business generally.
"Specifically," he continued, "we are concerned over the treatment of intangible drilling costs and changes in depreciation schedules embodied in the legislation.
"These would adversely impact on domestic exploration and production activities at a time when recent declines in world oil prices have already slowed domestic drilling activity to an all-time low.
"The domestic drilling rig count, a key measure of exploration activity, has fallen from almost 2,000 at the beginning of the year to below 700 in July.
"Domestic production has begun to decline. Crude oil imports, particularly from OPEC nations, are beginning to rise dramatically. U.S. dependence on imported oil has currently reached nearly 40 percent, the highest level in five years," he said.
"Inasmuch as the tax reform legislation does not address the federal budget deficit probelm, we are very concerned also about additional risks to domestic energy supply that might develop when Congress turns to that improtant issue." . .
- International representatives from petroleum and related financial sectors will gather in Dallas Sept. 3-5 to discuss concerns relating to plummeting oil prices.
The Conference on The Impact of Price Declines on Oil Exploration, Development and Financing will examine new strategies in exploration, production and marketing aimed at developing effective responses to current energy trends.
The conference is co-sponsored by the Institute for the Study of Earth and Man and the Foundation of the Southwestern Graduate School of Banking, both at Southern Methodist Univeristy.
It will be held at the Fairmon Hotel. . .
- Harold Culp has been appointed group executive of W.R. Grace & Co.'s Memphis-based Agricultural Chemicals Group. He succeeds Lloyd L. Jaquier.
Culp joined Grace in 1956 and has held various managerial positions since, including manager of domestic fertilizer marketing for the Agricultural Chemicals Group and vice president and general manager of the group's fertilizer operations. . .
- Shell Oil Co. has launched a new advertising campaign for its SU 2000 super unleaded gasoline.
Called "Unstoppable" the national campaign projects a new look for SU 2000 created by computer animation. The campaign features 30-second spot television, 30-second national cable televison, 60-second spot radio and full-page newpaper ads.
"With its new look the campaign underscores the fact that the SU2000 brand stands for high performance," said Kirk Walden, senior vice president with Ogilvy & Mather Advertising in the Southwest. "This advertising is as high-powered as the product.
"SU 2000 super unleaded gasoline provices the power that makes cars perform. Although the branded gasoline was first introduced in 1984, this campaign takes the high performance strategy further for a high tech, high power feeling," Walden explained.
The Unstoppable campaign emphasizes the ability of the gasoline to unclog fuel injectors and keep them clean. Computer-generated animation in the campaign was created by Robert Abel & Asociates of Los Angeles and is similar to that he created for the lead-in credits for television's "Amazing Stories."
"The Unstoppable campaign has a surreal look," said Walden. "It is undeniably impactful and very ddifferent from other advertising in the gasoline category. …