There's Oil Near Them Thar Wells

THE ENERGY DEPT. FIGURES the U.S. still has twice as much oil underground as has been extracted. Much of it is even near existing wells. But until recently, the best way to find it was to drill a fresh hole, an expensive and environmentally destructive task. Now, ParaMagnetic Logging Inc. in Palo Alto, Calif., is licensing a system that can prospect for overlooked deposits by looking through the half-inch-thick steel casings that line existing oil wells.

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