Word: barrelfuls
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Dates: during 1970-1979
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...emotional climate of the late 1970s, [Carter's] speech should be historic. It is also historic in its lack of concrete means of effecting a cure." The cover of Der Spiegel, the West German newsmagazine, had a cartoon of a countrified Carter standing atop an empty oil barrel in front of a sign reading U.S.A.−LAND OF UNLIMITED POSSIBILITIES. The President was shown painting out the un from unlimited. Stem, West Germany's largest illustrated weekly, hoked up a photo collage of Carter holding a gas nozzle to his head...
...nation's proven reserves of conventional crude, are known to be recoverable from the shale rock concentrated in western Colorado and stretching into Utah and Wyoming. No plants are in operation at present, but at least five companies are running experimental digs in the area. To produce a barrel of oil, about 1½ tons of rock must be mined and heated. So far, the process requires huge amounts of water -scarce in the West-and leaves huge piles of ashlike rubble. To avoid mining and the problems it brings, Occidental Petroleum is testing a new method. Fires...
...there was not much that the seven could agree on to contain the damage. For the moment, at least, OPEC has the industrial world over a barrel. The summiteers decided to hold imports from the oil cartel at about their present levels, in order to limit the flow of cash from their countries and, just possibly, dissuade the OPEC leaders from piling on yet more price boosts when they meet again, in December at the latest. That done?and very little it was?the seven summiteers disbanded. Carter, after a weekend visit to the U.S. military front lines in South...
...petroleum enters a refinery, the buyer records its price. To that figure the refiner is allowed to add a margin varying in size to cover processing costs and profit. Until this year, the price of a refiner's product was based on how large a percentage of a barrel of crude it represented. That was considered unfair in the case of gasoline, which costs more to produce than most other oil products. So the refiner was allowed to increase his margin on gasoline by an average...
Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...