Word: bbl
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Dates: during 1970-1979
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...these actions reflected an expectation that renewed Arab exports would increase U.S. petroleum supplies by as much as 1.6 million bbl. per day by May, enough to close most of the current energy gap. Yet deep uncertainties remain about the course of Arab oil production and world crude prices. The Arabs lifted the embargo in recognition of U.S. efforts to arrange a Middle East settlement. But there remains a threat that the Arabs could close the spigot again in June if they judged that the U.S. had not pushed hard enough to secure, among other things, an Israeli pullback...
Minister Ahmed Zaki Yamani declared that his country would supply the U.S. with 1 million bbl. a day, implying a production boost all the way back to September levels. That move alone would cut the projected U.S. petroleum shortfall about in half. But Yamani's Arab brethren declined to disclose how fast they intended to pump and ship...
...slingshot-is what he calls "the public's healthy attitude of skepticism" about the energy crisis. "The consumer is showing real outrage over the fact that oil companies' profits can skyrocket, while the Administration allows the price of 'old oil' to rise $1 per bbl. [to $5.25]," he says. "Since there is no retroactive expense in pumping from wells already producing, the increase is just a Christmas present from the Administration to the oil companies...
...crunch is seen as a problem of prices, not availability. Indeed, oil prices, already up to $9.50 per bbl., may rise a further 64% to cover increases in the price of Middle Eastern crude. Even so, Japanese forecasters are predicting that the country's economy will grow 4% or 5% in fiscal 1974, which ends in March 1975. Over the next decade, reports the respected Japan Economic Research Center, the growth rate should average 9.2%-extraordinarily high by Western standards...
...utility will not only save on its fuel bill and earn money from selling recoverable materials; it will also charge local governments a "dumping" fee for disposing of their refuse. If U.S. utilities follow Union's lead, the nation could conceivably conserve the equivalent of 290 million bbl. of oil per year, recover up to $1 billion worth of recyclable metals and, best of all, gain a final solution to the garbage-disposal problem...