Word: bbl
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Dates: during 1970-1979
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...about the world's most effective cartel, the Organization of Petroleum Exporting Countries. OPEC representatives will meet in Geneva two days before the Tokyo assembly begins, and they will almost certainly approve yet another hike in the posted price for crude, which now averages $17 per bbl. Some Administration officials have been arguing for a tough line against OPEC, and believe that the U.S. should even use economic clout to arm-twist other industrial countries into endorsing it. Carter himself, however, is inclined to what is described as a "firm but friendly" stand toward OPEC, and prefers what...
...shared problem of energy will not come easily, however, because national and regional differences abound. First, relative dependence on imported oil varies widely, from Japan's virtually total reliance to Canada's relative self-sufficiency. So does consumption: Japan and Italy thriftily burn only about 16 bbl. per capita a year, while the U.S. devours a profligate 30 bbl...
...Canada, Japan, West Germany, France, Britain and Italy * To replenish low U.S. stockpiles, in May the Carter Administration announced a "temporary" subsidy of $5 per bbl. for companies that import these products...
Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...
...consumption in Japan, which grew last year by only 1.5% because of slack in its economy, is now climbing at 5% annually. Japanese officials expect a supply shortfall of perhaps as much as 5% by midsummer. Even Britain, whose oil output from the North Sea is already 1.5 million bbl. daily and climbing rapidly, is experiencing sporadic but spreading shortages at the pump. Last week West Germany as well suffered its first gasoline delivery cutbacks...