Word: bbl
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Dates: during 1950-1959
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...tighter and demand stronger than at any time since the post-Suez glut. By cutting production, imports and refinery runs in the first half of 1958, oilmen had whittled gasoline and crude-oil inventories to what they consider ideal levels. Last week stocks of gasoline slid to 183 million bbl.-a six-week supply-and crude dropped to 252 million bbl.-a five-week supply. More important, the boom in vacation driving boosted gasoline demand in June 4% above April and May, one of the best gains in twelve months...
...Reluctant Drillers. The first real oil find came in 1954. Shell Oil brought in a 1,170-bbl.-daily well at Desert Creek in nearby Utah. But the biggest discovery came in 1956. The Texas Co. tried to get other companies to come in on a deal to drill in the Aneth section of southeastern Utah, where the lease was about to expire, found no takers, and finally went reluctantly ahead itself. Result: it bored smack into the Aneth pool with estimated reserves of 300 million bbls., the biggest find since the Williston Basin seven years...
Though President Eisenhower gave the industry special permission to cooperate during the Suez shutdown, the Justice Department charged that oilmen had gone far beyond that. In early January 1957, prices of Texas crude oil rose generally by 35? per bbl.; shortly thereafter, gasoline, home-heating oil and other refined products went up in most markets by about 1? per gal. Said the Justice Department: "For the purpose and with the intent of raising, fixing and stabilizing prices of crude oil and automotive gasoline, each defendant . . . would increase its posted price of crude oil . . . and each defendant engaged in the marketing...
...record straight, Matthew V. Carson, administrator of the quota plan, told an audience of independent oilmen last week that the program is working just about as well as hoped and "striking a reasonable balance between imports and domestic production." Imports have been cut by 168,900 bbl. per day, a drop of 17.4% from original schedules, are running at 12.5% of domestic production v. an anticipated 16% before the cuts began...
...IMPORT LID will be hammered down tighter on West Coast. Pressure is mounting in Washington for cut in quotas because imports to area have fallen 30% to 35% below ceiling of 220,100 bbl. per day owing to recession in demand. At very least, individual quotas of major companies will be slashed to make way for new importers, who have applied to bring in 45,100 bbl...