Word: bbl
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Dates: during 1970-1979
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Some figures from the Federal Energy Office sketch the situation. In January, Energy Czar William E. Simon told the recent 13-nation Washington energy conference, world oil production ran at 46.2 million bbl. per day, or 1.6 million bbl. below September, the last month before the Arab production cutbacks. FEO figures also indicate that January oil imports to the U.S. fell 1.14 million bbl. per day below September. The obvious conclusion, though Simon himself did not draw it, is that the U.S. is suffering around three-fourths of the world petroleum shortfall. Supplies available to be imported by other...
...protect smaller companies with no crude resources of their own and ensure steady production around the country. When the program took effect on Feb. 1, many small-and medium-sized refiners with inadequate crude supplies stopped trying to buy oil abroad at auction prices ranging up to $20 per bbl., secure-they thought-in the knowledge that they could buy it at home for about $7 or $8. But major oil companies, or so FEO officials believe, reduced imports because they were reluctant to sell so cheaply. Gulf Oil has brought suit against the FEO, charging that by requiring...
...allow time to amend the system. Such a move would temporarily enable the majors to keep all the oil they import for themselves and should persuade them to step up imports. One possible change in any new allocation plan: only small refineries turning out no more than 30,000 bbl. per day would be permitted to buy from companies in the U.S. That limitation would probably satisfy the majors, whose main complaint is that they must now sell to large rivals. It would further ensure a continuing flow of oil into the U.S. by forcing big independents to buy their...
Aramco now operates under the shadow of nationalization. The company is indeed a plum - the world's biggest oil producer sitting atop the world's largest reserves. Aramco's average well yields 12,000 bbl. per day, as compared with the average U.S. well's 18 bbl. Its refinery and port complex at Ras Tanura on the Persian Gulf can turn out more product (600,000 bbl. per day), store more oil and load more supertankers than any other facility on the globe...
...explore and by allowing them to earn handsome profits. Until recently, the companies retained up to 58% of the oil that they produced and gave the rest to Pertamina, which sold it. Now, with prices soaring for its low-sulphur "sweet crude" and production up to 1.4 million bbl. a day, Pertamina is renegotiating its contracts with foreign concerns to bring the government share up to 60% or more...