It was January 1981 and oilpatch earnings were, like, bodacious. Mighty Atlantic Richfield had just reported fourth-quarter 1980 net income of $398.2 million, or $ 1.60/share. For the month, crude oil would average about $39/bbl, or $134/bbl in 2023 currency. A happy and hungry energy executive based in Midland, Texas, could hop into his Silver Spirit, blast the Rolling Stones' "Start Me Up" until the windshields rattled in the 5,000-pound luxury beast, have the driver floor it all the way to the airport, slide into a reclining leather seat aboard the company's Gulfstream III and shoot into the sky in a gentle arc toward Houston. There, a sizzling 40-ounce porterhouse steak would be waiting for just under $30. And a bottle of red from Sonoma with flavors of black cherry, red plum and cranberry on the palate and a light touch of bright pomegranate in the finish. And maybe a dinner salad because, you know, vegetables.
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