Word: bbl
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Dates: during 1950-1959
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...swell the flow of oil to Europe, the Texas Railroad Commission last week finally ordered a big boost in allowable production. The decision added 210,901 bbl. to Texas daily output to a record 3,773,054 bbl. Behind the expected move (TIME, Feb. 18) was Ernest O. Thompson, senior member of the state's three-man commission, who insisted ever since the Suez Canal was closed that three small raises totaling 210,000 bbl. were the best contribution Texas could make...
General Thompson's turnabout, which raised total U.S. production to a record 7,515,400 bbl. a day, did not mean that the oil shortage had worsened. Only a fortnight ago Thompson himself appeared before a House committee in Washington to argue with an expert's persuasiveness that reports of a serious shortfall in the European oil lift were only a myth. Bearing out his analysis, Britain has since eased oil rationing...
Cutback. What Thompson's move 'did mean was that he had finally been able to win what Texas independents want-promise of a cut in crude imports (now some 820,000 bbl. daily), giving Texas a bigger share of the domestic market. That ambition had been implicit in Thompson's Washington testimony. The way to supply Europe was not to increase production, he said, but to make major refiners cut back imports of Venezuelan crude, ship it direct to Europe...
...trucked to refineries at high cost. Beyond that, the existing pipeline system is operating at capacity, could not carry more oil from wells to refining centers. The way matters stood, said Thompson, Texas had already boosted allowables three times since Suez, was pumping a record 3,500,000 bbl. daily-some 250,000 bbl. more than normal. What those who urge still another 250,000 bbl. daily increase fail to consider, snapped Thompson, is the fact that demand for Texas oil will soon decrease. The U.S. Bureau of Mines forecasts a drop of 350,000 bbl. daily in demand...
...borders of Utah, New Mexico, Arizona and Colorado meet. The new line will extend 600 miles from the area to Los Angeles, be built by Shell Pipe Line Corp. at a cost of $50 million. When completed at year's end, its initial capacity will be 60,000 bbl. daily, which could be upped to 160,000 bbl. by increasing the number of pump stations along the route...