Word: bbl
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Dates: during 1950-1959
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...voluntary import curb on big oil companies. Last week the program's administrator. Navy Captain Matthew V. Carson Jr.. logged a mutinous crew and foul weather ahead. The companies were asked to cut imports 10% below their 1954-to-1956 levels, bring in only 755,700 bbl. of foreign crude a day. But Captain Carson's first statistics showed a daily August total of 982,300 bbl. The companies themselves estimate daily imports from now through December at 849,300 bbl. Though he professed no dismay. Carson warned tautly: "The only alternative to this program is mandatory...
Failure Ahead. There were plenty of signs last week that it might. The pressure against the quota came from companies that only recently began bringing in foreign crude. The quotas, based on the 1954-56 import level, squeeze them hard. Although allocated a total of only 262,600 bbl. daily, they imported 354,600 bbl. a day in August, estimate a 337,200-bbl. rate in December. Both Tidewater and Standard of Indiana appealed for quota boosts, held that the formula has actually cut their imports 22% below the levels they had planned to supply recently built U.S. refineries that...
Even an established importer, Sinclair Oil Corp., asked for relief, demanded a quota boost from 62,200 bbl. daily to 74,800. At a hearing before Captain Carson, Sinclair President J. E. Dyer challenged the program's premise that cheap foreign oil is endangering the nation's security by cutting down oil exploration. Despite accelerated exploration in recent years, he said, the nation's reserves are not increasing fast enough. "To disrupt and impair our sources of supply abroad and jeopardize relationships of industry that have been built up with foreign nations over a long period...
...RICH IRAN plans to build a 620-mile pipeline to carry between 140,000 and 190,000 bbl. a day from its rich Qum field (TIME, May 6) to Turkey's Mediterranean port of Iskenderun. Idea appeals to Western oilmen because new line would avoid Redlining Syria. But Iran must raise $500 million for the job, and may hold back if Western nations work out plan to build their own line around Syria...
CITIES SERVICE CO. will make first major effort by any U.S. company to drill for oil in Africa's promising Sahara Desert. Deal is for fifty-fifty profit split with two French companies in a joint venture to exploit Sahara's proven reserves of 3.5 billion bbl., explore for potential reserves conservatively estimated at 7 billion bbl...