Word: bbl
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Dates: during 1970-1979
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British estimates place current world production of oil at about 19 billion bbl. a year, and project that it must rise to 35 billion by 1980 and to between 45 and 55 billion by 1990 to satisfy global consumption needs. However, said Drake, "Our estimate is that the remaining proven conventional reserves of oil amount to 570 billion bbl." Sir Eric stated: "We believe there are potential reserves of another 1,080 billion bbl. In addition, we think we could get about 700 billion bbl. of oil from tar sands and another 3,140 billion bbl. from oil-bearing shale...
Refineries are simply not turning out as much gasoline as motorists want to buy. Production currently is running around 42 million bbl. a week, but consumers are buying about a million barrels a week more than that. The excess is being siphoned out of gasoline inventories, which are about 16% below those of a year ago. This summer, demand is expected to hit 50 million bbl. a week. One main reason: manufacturers put nearly 11 million new cars on the highways last year, and more of them than ever before are equipped with air conditioning and other power options that...
Passage of the bill would thus close off the only stretch of the entire Gulf and Atlantic coastlines still available to supertankers. The huge ships, which can carry as much as 3,000,000 bbl. of oil, draw up to 89 ft. of water at dockside. Delaware, the only other state with harbors deep enough to handle the ships, is already off limits; in 1971, it passed a conservation law forbidding any more heavy industry-including oil-tanker facilities-on its shoreline...
...prices at a seasonal high. This "lowered incentives" to produce fuel oil, says Ray Wright, marketing director of the American Petroleum Institute, since it was a time when demand for gasoline was unexpectedly high. The supply imbalance that resulted became apparent last November: fuel reserves were about 31 million bbl. below the levels...
...past two years Occidental has fallen into trouble. Production in Libya, the backbone of its operations, has been on a roller coaster and has never reached the mil-lion-barrels-a-day level that Hammer once forecast. The Libyan government ordered it cut from a high of 800,000 bbl. daily early in 1970 to 320,000 bbl. now. The revolutionary government of Colonel Muammar Gaddafi has been distressed by charges cited in a lawsuit filed in the U.S. that Occidental had won its concessions partly by f unneling money to officials of deposed King Idris, one a former minister...