Exxon Mobil and Royal Dutch Shell said efforts to tap Rocky Mountain oil deposits large enough to meet U.S. demand for a century have been stalled by subterranean rivers and greenhouse gases.
Shell won’t know until 2009 whether an underground wall of ice intended to shield oil- rich rocks from flowing water will work, project director Wolfgang Deeg said Tuesday at an industry conference at the Colorado School of Mines.
Exxon Mobil hasn’t figured out how to contain greenhouse-gas emissions from its planned development to extract oil from shale formations in the region.
The world’s two largest oil companies and Chevron, second-biggest in the U.S., are spending $100 million a year to find a way to turn organic matter in limestone in the Rockies into oil.
Additional business news briefs:
AT&T: Airwave auction saddled with rules
WASHINGTON — Ralph de la Vega, chief executive of AT&T’s wireless division, said a government auction of wireless airwaves is “burdened with regulations” that may deter companies from bidding. But AT&T may still pursue the spectrum, he said.
The Federal Communications Commission’s auction rules, adopted in July, require the winner of about a third of the airwaves to open its network to any legal mobile device or software. Wireless carriers typically determine which handsets connect to their networks.
Xcel switching to soy oil
MINNEAPOLIS — Beginning next year, all new power transformers in communities throughout Xcel Energy’s eight-state territory will use 100 percent renewable soy oil.
The company will be the first large utility in the nation to use soy-based pole- and pad-mounted transformers for residential and some light commercial applications. Xcel now uses petroleum-based mineral oil, the industry standard.
Solar project set at base
COLORADO SPRINGS — 3 Phases Energy Services and SunTechnics Energy Systems will build a 2-megawatt solar photovoltaic array at Fort Carson.
When completed, the project will cover nearly 12 acres at Fort Carson, making it the largest solar array at a U.S. Army facility and one of the largest in Colorado.
Boeing replaces 787 chief
SEATTLE — Less than a week after announcing a delay in its new 787 jetliner, Boeing Co. said Tuesday it is replacing Mike Bair, who has led the program for three years.
Pat Shanahan, who served as head of two previous Boeing wide-body-jet programs before moving over to the company’s military unit five years ago, will replace Bair as general manager of the 787 program.
Movie Gallery files Chapter 11
RICHMOND, VA. — Movie Gallery, the second-largest U.S. video-rental chain, sought bankruptcy protection Tuesday, promising to cut debt by $400 million and to leave shareholders with 2 percent of the company. The company said it filed for Chapter 11 because of two years of losses and increased competition from Blockbuster and Netflix.
Cablevision offer stands
NEW YORK — The controlling shareholder of Cablevision Systems has no plans to modify a $10.6 billion offer to take the company private after some investors charged the bid was too low.
