Word: bbl
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Dates: during 1970-1979
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American firms, including Gulf, Mobil, Texaco and Atlantic Richfield, have an enormous stake in Venezuelan oil. Creole Petroleum Corp., a subsidiary of Standard Oil of New Jersey, lifts almost half of the 3.7 million bbl. of oil pumped daily. The U.S. companies have nearly $2 billion tied up in wells, pipelines and refineries; it is the largest single American investment in South America...
...rise up from all those people who have known all along that the Viet Nam War must be a plot of American capitalists. The great oil bonanza was soon deflated; among other things, a wire service had made a mistake in a figure, and 4,000,000 bbl. had become 400 million. Except to the farthest-out, craziest left, U.S. business really is not a satisfactory Viet Nam villain; it is not easy to name many American corporations that have been getting much good out of the war, and it is easy to show that corporate profits and the whole...
...treating their country as a "surge tank": drawing on it for supplies when shortages threaten, cutting back again when the pinch eases. That policy is economically as well as politically shortsighted. Canada could offer much fuel at prices below U.S. quotes; Canadian crude now sells for $2.75 a bbl. In return the U.S. could offer Canada sales outlets for oil reserves, which Canadians at present have neither the capital nor the domestic markets to develop. Oil wells in Alberta, which could produce 1,700,000 bbl. daily, are now capped for lack of markets in either country. Assurance...
...harsh, demanding and dangerous mistress. And yet the island gives as awesomely as it takes. Located 103 miles offshore, its pipelines stretch thousands of yards across the ocean floor. Drawing from seven big reservoirs 7,000 ft. beneath the primordial ooze of the gulf, it can pump 28,000 bbl. of crude oil to the mainland each day through its 7-in. pipeline...
...world's oil-producing nations and changed the balance of power between oil-producing and consuming countries. Under the stiff provisions of a new, five-year pact, the posted price of Persian Gulf oil-on which royalties and taxes are calculated-will rise by 35? per bbl. The producing companies' taxes will also go up 5%, to 55%. Every year until 1975, the companies will pay an additional 5? per bbl., plus 2½% to compensate for anticipated worldwide inflation. All in all, the oil companies will pay $1.2 billion more in royalties and taxes this year...