Word: bbl
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Dates: during 1970-1979
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...Simon's predecessors took far too long even to start looking for ships that could carry oil to New England, the most threatened region. Last month Simon's office informed New England utility executives that it had located tankers capable of hauling in up to 4.5 million bbl. any time it was needed...
Moving fast to compile this record, Simon has stumbled once or twice. Last month his office announced that 1.5 million bbl. of jet fuel would be taken away from the Pentagon and reallocated to civilian jetliners. Nobody seems to have consulted Secretary of Defense James Schlesinger, who protested angrily. The result was a "compromise," under which the Pentagon will keep 600,000 bbl. of its fuel at least for a while. Also, the FEO prompted scare headlines by announcing, in one set of hastily prepared allocation regulations, that gasoline production would be cut 25% below 1972 output, and took...
...stocks of gasoline and residual oil (used to power factories and electric utility plants) were slightly lower than a year earlier. But inventories of jet fuels were slightly above those of early 1973, and refinery stocks of middle distillates (heating oils and diesel fuel), at 198.5 million bbl., were a startling 22% higher than they were a year earlier. The total for all major products, 488.4 million bbl., was almost 9% above the amount at the start of 1973. Thus many people are taking a line that goes roughly like this: the companies have plenty of oil to sell...
...Discoveries. Along with peace, Nigeria is also gaining a bit of prosperity. Oil was discovered in the Niger River delta in 1966, and production has reached 2,200,000 bbl. per day, roughly 25% as much as Saudi Arabia was producing before its cutbacks. Gowon has followed the example of the world's major oil exporting nations and announced a 77% increase in the posted price of Nigerian crude, making it $14.69 per bbl. The new price is expected to earn Nigeria some $7 billion this year. In addition, the government currently is mulling over offers, mostly from American...
Pressure on Simon and his new Federal Energy Office has moderated slightly in recent weeks. Because of fuel savings from voluntary conservation programs and recently discovered leaks in the Arab oil embargo, Government estimates of the shortfall have been reduced to 2.7 million bbl. per day. Even so, such businesses as motels, recreational vehicles and tourism are going to be hurt. Though the energy crisis is boosting sales of small cars, it is crippling sales of big ones (TIME cover, Dec. 31), and last week U.S. automakers announced a 27% cut in production for January. General Motors last week laid...