Word: bbl
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Dates: during 1970-1979
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...reason is that U.S. imports of crude oil eventually would probably rise by a million bbl. a day or more. That would about cut in half the "shortfall" of 2.2 million bbl. a day now projected for the second and third quarters-even if there were no restraints on demand. In fact, high prices and the continuation of such conservation measures as the 55-m.p.h. highway speed limit probably would hold down demand too, perhaps shrinking the shortfall to a mere 600,000 bbl...
...would roll back the prices of nearly 30% of the crude oil produced in the U.S. Primarily, that is so-called "new oil"- the amount of crude produced in excess of 1972 levels-and it is now exempt from price control; prices have gone as high as $10.35 per bbl. The bill sets a basic price of $5.25, but permits increases up to $7.09 if oil firms can provide detailed cost justification for them...
Most enticing to the Saudis, Aramco's profits are also immense. Though Saudi royalties and taxes have soared to $7 per bbl., production costs average only 120 per bbl. As a result, at present prices Aramco nets more than 500 per bbl...
...producing 7.3 million bbl...
...this to be Big Daddy," explains Mel Lafrenz, Aramco's director of management development. "It was simply a realistic appraisal of what we ought to do to stay here as long as we could." Aramco until recently had steadily stepped up production, from 3.5 million bbl. per day in 1970 to a high of 8.2 million bbl. daily last September and was shooting for 11 million bbl. per day next year...