Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...more serious danger is that the country may slide into anarchy. Government forces have been barely able to suppress uprisings by rebellious Turkoman and Kurdish tribesmen in the northern provinces. Although petroleum production rose above 4 million bbl. a day last week, the oilfields around Ahwaz are still largely in the hands of dissident workers' councils, which have held numerous sit-ins to protest low wages and poor working conditions. Some 3.5 million Iranians (one-third of the work force) are unemployed; thousands of them milled around the ministry of labor in Tehran last week, demonstrating for jobs. Meanwhile...
...sharpest attacks are against the package's two most important parts. They are to phase out domestic oil price controls beginning in June, and to bring in a "windfall profits" tax. Scrapping controls will allow U.S. oil prices, which average about $9.45 per bbl., to rise during the next two years to the cartel-set world level, which already stands at a minimum of $14.55 and is certain to climb still higher. The oil companies would get an extra $6.5 billion in earnings annually from decontrol, but about half of the money would be taxed away. The Government would...
Price controls also discourage American companies from drilling for crude in the U.S., and that inevitably boosts the nation's alarming dependence on imports, which now account for nearly 50% of the 19 million bbl. of crude that the U.S. uses each...
...acting on its own. The importing countries are afraid to take a uniform position-this is the great failure. Led by the U.S., the importing nations as a group should refuse to admit any oil priced at a surcharge (that is, above the OPEC base price of $14.55 a bbl.). Few traders would then risk paying high prices for oil for which there is an uncertain market...
...will be. Nor is it entirely clear just how much decontrol will increase domestic oil production. By Administration reckoning, the gradual phase-out of controls should encourage companies to pump more and more oil from their wells until, by 1982, production reaches an additional 700,000 to 800,000 bbl. daily (the U.S. now uses about 19 million bbl. per day). That would displace an equivalent amount of imported oil, but energy demand throughout the economy would itself be growing. In effect, increased production from existing wells would do little more than keep pace with rising imports...