Word: bbl
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Dates: during 1970-1979
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...studded wasteland of Tabasco state tapped into the gigantic Reforma oil and gas field, Mexico has turned up one immense deposit of petroleum after another. In his state of the union address in early September, López Portillo boasted that Mexico now had proven combined reserves of 45 billion bbl. of oil and gas. Officials of Pemex, the national oil com pany, predict that as many as 200 billion bbl. of crude may eventually be uncovered...
...same time, however, high-level Western diplomats in the Middle East report that Crown Prince Fahd was "deeply dismayed" by the U.S. failure to respond to diplomatic overtures from the P.L.O. These diplomatic sources fear that the Saudis are seriously contemplating a cutback in oil production by 1 million bbl. a day in .early October, from current levels of 9.5 million bbl. a day. If that happens, the dice-rolling on the peace process could become very frantic indeed, and Strauss's optimism could freeze over with the first blasts of winter...
...U.S.S.R. and its East European allies buy three-fourths of Cuba's sugar for about 400 per lb., vs. a world price of 90. In return, the Soviets sell Cuba nearly all the oil it burns, at $14 per bbl., about one-third below the world price The Soviets and the Eastern bloc also buy most of Cuba's nickel, its other major export, at prices about 50% higher than world levels, and fund most of Cuba's industrial development. Projects financed by the U.S.S.R. supply 30% of all Cuba's electricity, 95% of its steel...
...during the recess three management consulting firms hired by the Senate Budget Committee concluded that the President's goal of 2 million bbl. of synthetic fuels a day in ten years was unrealistic and potentially wasteful. The consultants advised that it would make more sense to try several different approaches on a modest scale and then decide which ones were feasible...
...President speedily granted, Begin appeared to ignore the importance to Sadat of broadening the peace beyond the borders of Egypt and Israel. At the Haifa press conference, the Israeli Premier proudly announced the agreements: Sadat's promise to sell oil to Israel from the Sinai fields (14 million bbl. annually, with the price to be decided later); the decision to establish joint Egyptian-Israeli army patrols in the Sinai, at least until the U.S. can put together a multinational peace-keeping force; and Israel's willingness to return to Egypt ahead of schedule the monastery of St. Catherine...