History of the oil shale industry in the United States Act of 1985 which among other things abolished the United States' Synthetic Liquid Fuels Program. Union finally bowed to continued low oil prices and closed the project in 1991, rather than complete the US$2 billion project. Over several decades, some of the world's largest oil companies (Amoco, Arco, Chevron, Exxon, Gulf, Phillips, Shell, Sohio, Sunoco, Texaco, Union Oil) had spent billions of dollars to start an oil shale industry in the Green River Formation, the world's largest oil shale resource. But in the end, cheap petroleum prices drove oil shale out of business. Even after the oil shale bust, some
Energy policy of Ecuador petrochemical company with a compound currently under development, would allow Ecuador to refine up to 300,000 barrels/day once fully operational. The company is owned by Petroecuador, Petroleos de Venezuela SA, and the China National Petroleum Corporation. The project is estimated to cost $12 billion and return $3 billion/year that would otherwise be spent on refined fuels. It is being constructed in El Aromo, in the coastal province of Manabi. Completion of the refinery would take place in two phases, the first yielding a processing capacity of 200,000 barrels/day and the second adding another 100,000 barrels/day. The necessary access roads and