Word: bbl
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Dates: during 1950-1959
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Nowhere does emotion defy statistics more than in the case of oil. Argentina has reserves estimated at 882 million bbl., yet last year it paid out $220 million, a sum greater than its foreign-trade loss, to import oil from Venezuela and elsewhere. The Suez crisis cost the country a cruel $100 million in higher crude prices and freights. Foreign oil companies would get the oil out of the ground or spend millions in Argentina trying. Instead, oil-is-ours nationalism assigns petroleum development to the capital-short, bureaucratic Y.P.F...
...Petroquímica seems destined not only to grow but to become a threat to foreign oilmen. Caldera is building a small (3,000 bbl. a day) oil refinery, plans to build a huge one (300,000 bbl. a day) in the industry's third phase. The fact that most refining of Venezuelan crude is now done elsewhere is a sore issue between the government and the foreign-owned companies. La Petroquímica's action in building refineries, which primarily make fuel rather than the raw materials of petrochemicals, is a clear statement that Venezuela intends...
...IMPORTS will soon be curbed voluntarily by oil companies, Government believes. After trying unsuccessfully for two years to hold down imports (now running 510,000 bbl. a day more than Government wants as limit), Office of Defense Mobilization is conferring with top oilmen, is confident they will bow to President Eisenhower's implied threat to impose Government controls, tariffs on imports...
...Iranians had some reason for their confidence. Near Qum last August government oil drillers brought in a gusher that spewed forth 80,000 bbl. of oil a day. Before the well could be brought under control by U.S. Expert Myron Kinley (TIME, Feb. 9, 1953), more than 5,000,000 bbl. of oil flowed in a black river into a depression in the desert floor, made a lake of oil half a mile across...
TURKISH OIL REFINERY with 65,000-bbl.-a-day capacity will be built for $48 million by U.S.-British-Dutch combine. With existing Turkish state plant, it will supply nation's entire oil needs. Mobil Overseas Oil Co. will have 37% interest, California Texas Corp. 34%, Royal Dutch Shell group 18%, British Petroleum...