Word: bbl
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Dates: during 1960-1969
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...island of New Providence will soon have a new $2,800,000 Bacardi rum factory; such firms as Bethlehem Steel, Whirlpool, Owens-Illinois Glass and Outboard Marine have come in with overseas sales offices. On Grand Bahama, a $1,500,000 bunkering terminal pumps more than 1,000,000 bbl. of marine fuel a month into vessels from all over the world, while close by a subsidiary of U.S. Steel is building a $50 million cement plant. Even the cold war is pumping life into the sultry economy. The U.S. Air Force has four huge missile tracking bases...
...coast. Helicopters whirred overhead, and field offices set up by 20 major oil companies bulged with engineers and geological surveyors. Arcing from the Mississippi Delta westward to the Sabine River and extending seaward 75 miles, Louisiana's 47 offshore oilfields cover a pool of more than 10 billion bbl. Coastal Louisiana, as a result, has become the world's busiest offshore oil site...
...liberal in quotas, but has the best deep-drill prospects. Though Texas still leads all oil-producing states (35.5% of U.S. production), its oil output has declined steadily since 1951. Louisiana four years ago bumped California from second place, last year raised its production another 13% to 521.1 million bbl.-25% of it in offshore...
Today Argentina has almost all the oil it can use. By 1961 foreign oilmen had drilled 1,900 wells. The oilmen now produce 80,000 bbl. a day, for which they get a guaranteed price. Meantime, Y.P.F. also doubled its own production to 180,000 bbl. daily. Therein lay the rub. Because it was obligated to buy the companies' oil, Y.P.F. had to cap many of its own wells, complained angrily that the total cost of the oil to the government oil company was now more than it once paid to import oil. This the private companies denied...
Since bringing in its first well in 1938, Aramco has shipped 5.7 billion bbl. of oil-enough to supply the entire world's demand for seven months. Its known reserves are worth $90 billion at current prices. By automating whenever possible, Aramco in the past ten years has doubled output while reducing its payroll nearly 50% and sharply cutting production costs. This amazingly successful and discreet company is doing better and better. On last year's sales of $1 billion, Aramco made a princely profit of $762 million. That was split fifty-fifty between the Saudi government...