Word: bbl
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Dates: during 1970-1979
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...Persian Gulf oil countries lifted the posted price of crude oil (a theoretical figure on which royalties and taxes are based) by a stunning 70%, to $5.11 per bbl. It will keep Arab oil revenues rising-helping to pay for the war against Israel-even as fewer barrels are shipped out. It will also force Americans, Europeans and Japanese to pay as much as 5? per gal. more for gasoline, heating oil and other products...
...West over a 42-gal. oil barrel. World oil use will more than double during the 1970s. Slaking that intense thirst requires continual swift increases in output, and there is only one place they can come from. The desert sands of the Arab nations hold at least 300 billion bbl. of easily recoverable oil, or 60% of the proven reserves in the non-Communist world. Merely by increasing production more slowly than the West desires-let alone reducing it-the Arabs could cause considerable discomfort...
...superficially would seem well able to withstand a sellers' boycott. The nation now imports about a third of the 17 million bbl. of oil it burns each day, but no more than 11% comes from the Arab countries. Cutbacks could prompt other major suppliers to reduce sales to the U.S. in order to conserve supplies in a tight global market. Even so, an eventual 25% slice in Arab output would cut U.S. supply about 2,000,000 bbl...
...been living beyond its means. In the energy field, in particular, the country badly needs a conservation program to prevent waste. As Government spokesmen have pointed out, if every thermostat in the U.S. were set three degrees lower this winter, the nation could save at least 300,000 bbl. of fuel a day. If motorists would slow down from 70 to 60 m.p.h., their cars would consume 11% less gasoline; a car driven at 50 m.p.h. will burn 23% less. After decades of congratulating itself on its abundance, the U.S. could use a dose of old-fashioned New England frugality...
...European newspapers warning petroleum buyers that Texaco Inc. would "pursue all legal remedies to recover crude oil illegally taken from it in Libya." Almost Immediately, the attack began. Texaco and Standard Oil of California sued in Italy to recover from a Sardinian refinery a total of 640,800 bbl. of crude. The companies contend that the oil was pumped from their concessions in Libya and sold by the government of Colonel Muammar Gaddafi in violation of their contract rights...