Word: bbl
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Dates: during 1940-1949
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Amid recurring oil-transport shortage scares, Oil Coordinator Ickes cut February production quotas to 4,101,800 bbl. daily, 36,600 bbl. below January...
Cement companies reported 1941 output of 164,000,000 bbl., highest since 1929 and 26% above 1940. Even this did not keep pace with sales; mill stocks are 15% below a year...
...rose Ickes' deputy Ralph K. Davies. He warned oilmen that for three years they had been depleting oil reserves faster than they had replaced them-"the margin of safety is fast narrowing." If burned up at the present rate (1,450,000,000 bbl. a year) proven U.S. oil reserves would last less than 14 years...
...oilmen spoke of higher prices with partly crossed fingers. Leon Henderson has warned them to keep the lid on. When four north Texas producers last week posted prices 7? a bbl. higher (ostensibly to offset a differential with Oklahoma-Kansas prices), Leon stopped warning, "invited" the price lifters to Washington for a showdown...
Whether these increased risks are the reason or not, wildcatters are not finding as much oil as they used to. Geologist Wallace E. Pratt of Standard Oil of NJ. figures that brand-new oil discoveries in 1938-40 were only 2.6 billion bbl. against 5.15 billion in 1934-36. In 1928-30, when east Texas came in, the figure topped 10 billion. Demand, meanwhile, rose from 2.9 billion in 1928-30 to 4.3 billion in 1938-40. The lines are going in opposite directions, are leaving an oilless gap which may some day burn out the gears of U.S. industry...