OIL: Probing the Last Frontier

Oil wildcatting has always been a romantic art: the big gamble, the bigger payoff, always seem to be just "one more hole away." With the world's sudden realization of its dependence on petroleum and the prices that "black gold" has been bringing, wildcatting has taken on a new frenzy. Much of the world's unexplored oil wealth lies largely offshore, and this winter hundreds of hopeful gamblers are working round the clock in the freezing storms of the Canadian continental shelf. TIME Correspondent James Wilde recently visited one rig 96 miles southwest of Halifax, N.S. His report:

A 50-m.p.h. gale is blowing...

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