Word: bbl
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Dates: during 1970-1979
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...true energy wealth. Rising prices make it worthwhile for oilmen to drill into sites that previously were considered too risky or too costly to develop. Some experts figure that new oil finds in the four-state region could add about 50% to the nation's 29 billion bbl. of "proven" reserves and 40% to the 212 trillion cu. ft. of natural...
America's oil shale, which is estimated to contain about 75 billion bbl. of recoverable crude, is also concentrated in the region. Elaborate pilot projects to get the oil are planned by Occidental Petroleum in western Colorado and Union Oil in southeastern Wyoming. The investment would be hefty-$120 million for Union's 20,000-acre test site designed to produce 9,000 bbl. daily-but there is a strong chance that Congress will approve a $3 tax credit for each barrel produced...
...main reason is the renewed weakness of the dollar. At the cartel's June meeting, which lifted average crude costs by 42%, to about $20 per bbl., even so-called moderate members warned that a 5% drop in the dollar's value could easily provoke another round of increases. In the past month the greenback has slumped by almost that much against strong foreign currencies, and several OPEC states are calling for an emergency meeting on prices as early as September in Vienna-well ahead of the next officially scheduled conference in December...
...total of all the cutbacks would reach some 1 million bbl. daily. That is precisely the amount by which Saudi Arabia last month boosted its own production in an effort to stabilize prices. The reductions would give a renewed upward push to prices worldwide, notably on the all-important spot market. That is a loose telephone network of traders who buy and sell the small amounts of crude that are not locked up under long-term contracts...
Because of inflation and increasing costs of environmental controls, price predictions for building synfuel plants have been rising steadily. The new range is from $1 billion to $3 billion for an oil shale or coal liquefaction plant that would produce 50,000 to 100,000 bbl. a day. A coal gasification plant would run some $1.5 billion. Ever climbing costs have kept estimated prices of producing synfuels persistently dancing ahead of world crude prices. In 1973, when oil was $3.50 a bbl., oil from shale was figured at $4.50. Just before OPEC'S latest price rise, when crude...