Word: bbl
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Dates: during 1950-1959
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...production and so far has refused to boost its allowables appreciably. The independent oilmen who dominate the Texas commission have created an artificial shortage of oil and used that shortage to hike the price of crude oil 12% to a record average of $3.25 per bbl...
Such cynical gratitude to Egypt's dictator had an eminently practical basis. The Suez blockade was just the opportunity the independents needed to use up U.S. oil stocks, go on to win a long-sought crude price increase. The independents' objective: a 60?-a-bbl. rise (over the current price of $2.77 to compensate for the increased cost of discovering...
...Texas-the biggest exporters-showed a storage drop from 121.3 million bbls. in September to 99.7 million in December. Moreover, since only about a third of total stocks are what is called "readily dispatchable" crude (the rest is filling the pipelines or the bottoms of tanks), the 21.6 million bbl. storage decline between September and December was highly significant. It meant that over half the readily dispatchable was gone...
Shortage for Europe? At the Commission hearings, big exporters argued that shipments to oil-short Europe were already being restricted. Humble Oil, subsidiary of Jersey Standard and the biggest producer and oil-buyer in Texas, testified that it could supply only 165,500 bbls. of a 300,000 bbl. order from Esso Export. W.C. Connel of the B.P. (British Petroleum ) Trading Co. wired that British companies wanting to buy 3,000,000 bbls. on the Gulf Coast were forced to divert their tankers around Africa to the Persian Gulf because "there is no assured supply of crude...
...Britain's Iraq Petroleum pipeline, running from Iraq to the Mediterranean, has been blown up in so many places in Syria that its 500,000-bbl. daily flow has been completely shut off. If and when Britain resumes diplomatic relations with Syria, Britain may be able to pump oil at 40% capacity by using stations in Iraq; restoring the line to full capacity may take six months or longer...