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
Amoco Cadiz oil spill United States courts (using the 1978 exchange rate and with interest added this came to at least US$1.6 billion). In 1984, U.S. District Court Judge Frank J. McGarr held that Amoco was liable for damages when he issued his trial verdict, after 3 1/2 years of legal proceedings. Further, the judge ruled that Amoco had put off needed maintenance on the vessel in order to keep it at sea. In 1992, US oil giant Amoco has decided not to appeal against the US court order that it must pay US$200 million to the French government. Amoco Cadiz oil spill The