Word: bbl
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Dates: during 1970-1979
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...such a compact will probably begin with Nixon's inviting representatives of oil consumers to one or more conferences; later, producer officials would be asked to join. Diplomats offer only illustrative figures, but one indicates that the consumers might offer to pay $10, $12 or even $14 per bbl. for perhaps 15 or 20 years...
...price escalation. Producers round the world last week joined in the gargantuan increases started by the Persian Gulf nations. Nigeria and Venezuela, which supply 10% of U.S. oil imports, raised posted prices (a theoretical base figure for taxes that influences the actual selling price) to more than $14 per bbl., topping the Persian Gulf price of $11.65. Libya more than doubled its posted price to a hair-raising $18.76. Indonesia, supplier of 6% to 7% of the oil that the U.S. imports, lifted its actual selling price from $6 per bbl...
Even Canada, the U.S.'s prime supplier, announced an increase in its export tax, raising the price to American buyers from $6.20 per bbl...
With shortages of gasoline, heating fuel and other petroleum products gripping the nation, it is easy to overlook an important fact: the U.S. is still by far the world's largest oil producer. In 1972 U.S. wells pumped out 9.4 million bbl...
...this preeminence brings no comfort to U.S. oilmen. Not only did output fall far short of domestic consumption; it did not even match the 9.7 million bbl. per day that the nation produced at the peak in 1971. The speed at which U.S. oil wells are operating is fast draining the nation's proven reserves. The outlook is for steeper production declines unless new sources of oil can be found...