Word: bbl
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Dates: during 1970-1979
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...Senate and House whizzed through a long-delayed bill, which the President signed, to lay a pipeline across 789 miles of tundra, mountains and rivers between Alaska's North Slope oilfields and the warm-water port of Valdez. The pipe will pump some 2,000,000 bbl. per day-about 11 % of the nation's current needs. Though the line will be constructed on a hurry-up basis at a cost of $4.5 billion, it will still not be in operation until 1977, if then. In taking the action, Congress brushed aside longstanding objections by environmentalists, who argue...
...that in the past few years, the U.S., Europe and Japan have been expanding their economies at breakneck speed, burning up awesome amounts of energy, often wastefully. Voracious American oil demand has raced ahead of domestic production, and today the U.S. imports one-third of the 17 million bbl. that it burns each...
...situation. The members were quick to stress that they were now peering into a future that was at best murky. For one thing, no one is certain how long the Arab oil squeeze will last or of the exact size of the petroleum gap (estimates range from 2.5 million bbl. to 3 million bbl. daily of crude and refined products). Most important, there are no adequate models that might foretell how the U.S. economy will react to the first energy scarcity in its history. Explains Alan Greenspan, a consultant who frequently advises the Nixon Administration: "In classic forecasting, we have...
...take three to five years to find and drill new wells offshore. A surer way to expand domestic sources would be for Congress to finally approve the Alaska pipeline bill, enabling the nation to tap the rich North Slope fields, which are believed to have at least 50 billion bbl. of recoverable oil. If the pipeline were in operation today, it could be supplying 11% of the nation's needs. As matters stand, it will take five years to build...
...bearing shale has huge potential for the long term. The Green River formation, which runs through Colorado, Utah and Wyoming, contains an estimated 600 billion bbl. of low-polluting shale oil, enough to fill the country's needs at current consumption levels for almost 100 years. About 72% of the deposits are on federally owned lands, and the Government will probably soon lease some of them for commercial plants, where oil can be extracted by crushing and heating the brown shale. It could take six years to get such plants into operation, and refined shale oil can probably be produced...