Word: bbl
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Dates: during 1970-1979
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Virtually nothing in the Carter program would immediately produce, or even save, a drop of oil. The only element that takes effect promptly is a presidential order limiting imports this year to an average 8.2 million bbl. a day. American oil companies almost surely could not find much more than that to bring in even if there were no quota; imports so far in 1979 have averaged only 8.145 million bbl. a day. For 1980 the daily limit will be set somewhere between 8.2 million and 8.5 million bbl. Because the recession in the U.S. economy has begun, imports probably...
...rate of 9.5 million bbl...
...Import quotas, effective immediately, flatly prohibiting the landing of more than 8.5 million bbl. per day?slightly more than now. That would fulfill a pledge Carter made at the Tokyo summit not to increase imports...
...Strategic Storage. One of the most critical functions given to the department was creation of a strategic petroleum reserve, a 1 billion-bbl. oil stockpile designed to offset shortages created by such interruptions as the Arab oil embargo of 1973. But when Iranian production was cut earlier this year, that reserve, which was supposed to stand then at 250 million bbl., had reached only 60 million bbl. Incredibly, DOE had not installed the pumps necessary to retrieve the oil from the Louisiana salt domes into which it was being pumped. Those pumps were finally installed last month...
...lectured Jimmy Carter on his country's right to be respected. Carter took heed, because the Mexican President's bold assertion of national pride and independence was backed up by what may be the richest energy supply in the Western Hemisphere. With proven reserves of 40 billion bbl. and estimated potential reserves of as high as 200 billion bbl., Mexico is now moving into the top rank of the world's oil producers...