Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...month. Later they embargoed all oil shipments to the U.S. and The Netherlands, in punishment for their support of Israel. Last week, showing new unity and clout, ten Arab countries announced that production for November will be slashed a minimum of 25% below the September total of 20.5 million bbl. per day. Though there has been promising progress toward a lasting settlement in the Middle East, the Arabs vow that they will continue their cutbacks and embargoes until Israel withdraws behind its 1967 borders and settles the Palestinian refugees' claims for land or money?or both...
...Venezuela's 56% boost in its posted prices and Nigeria's announcement that it will almost double its prices, Indonesia announced a 20% rise, to about $6 a bbl. These increases are certain to send up the cost of U.S.-produced oil, which under Phase IV controls is held to an average of $4 per bbl. But "new" oil-all production of a well above last year's total-is exempt from controls, and it is now selling for $5.60 or more per bbl. By next year it is expected by independent producers to leap as high...
Even more worrisome is the growing probability of acute fuel shortages caused by the Arabs' total embargo of oil shipments to the U.S. It is now estimated that the U.S. will have 2,000,000 to 3,000,000 bbl. less than the 17 million bbl. a day that it normally burns. The grim prospects for the months ahead: power brownouts, chilly homes and offices, shuttered schools and factories. The loss in production could range to billions of dollars (see story next page) and bring a rise in the unemployment rate, wiping out last month's encouraging...
...Five other countries joined Libya, Saudi Arabia and Abu Dhabi in shutting off all oil exports to the U.S. Washington officials estimated that the embargo will reduce U.S. supplies, directly and indirectly, by 1,500,000 bbl. to 2,000,000 bbl. a day, or around 10%. That is a serious threat to a nation that had good reason to fear a winter shortage of heating oil even before the war began...
...apparently can expect little aid. Canada, the biggest foreign supplier, has slapped a 40?-per-bbl. tax on oil exported to the U.S. as a means of keeping its fuel at home. (Taking advantage of the tight supply situation, Venezuela, the nation's second largest foreign source of oil, kicked up prices 56%, and Nigeria announced that it would soon post an increase.) So the U.S. must take drastic conservation measures, and some already are beginning. With Government encouragement, three airlines-American, TWA and United-agreed to save jet fuel by canceling 82 flights daily. Round-trip flights between...