Word: bbl
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Dates: during 1970-1979
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...California," which suggested that Brown could act on his own to relieve the problem. By relaxing some state environmental regulations that are stricter than federal standards, such as on the lead content of gasoline, and strictly enforcing the 55 m.p.h. speed limit, California could save an estimated 55,000 bbl. of gasoline per day. That would certainly help bridge the gap between supply and demand: the state's gasoline supplies in May probably will fall about 70,000 bbl. per day below those of a year earlier. At Carter's side, Energy Secretary James Schlesinger declared: "I think...
...insist that the problem is mainly the result of OPEC members' decision to prop up high oil prices by reducing exports. Because oil shipments from Iran take about two months to reach the U.S. market, the loss caused by the shutdown during the revolution-about 700,000 bbl. per day-did not affect American consumers until March. The American Petroleum Institute estimates that the U.S. now is short as much as 1 million bbl. of imported oil per day. Iran resumed exports in March, but this oil will not show up in American petroleum markets until late this month...
...hold down domestic prices, the Department of Energy urged oil companies not to buy crude on the spot market, where prices are up to $12 higher than the world average of $18 per bbl. There is some debate among oilmen over the degree to which this policy affected supplies. In any event, because of a change in DOE policy last week, the companies are now free to buy on the spot market, though several of them are reluctant to do so until the Government assures them that they can pass the extra costs on to consumers...
...abide by immensely confusing DOE regulations. At issue is the seemingly simple distinction between "old" oil and "new" oil. Under the price controls that Jimmy Carter will begin to phase out next month, petroleum discovered before 1973 can be sold only at a price that now averages $5.86 per bbl. More recently discovered oil fetches $13.06 per bbl. The companies are accused of selling the old oil to refineries for the new-oil prices...
Refineries pay about $15.80 per bbl. or 38? per gal. for the Saudi crude. But they actually get a big refund from the complex U.S. Government entitlements scheme. This reduces the refineries' real cost to $14.30 per bbl...