Word: bbl
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Dates: during 1970-1979
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...Government set up a two-tier price structure that established a low rate (now $5.34 per bbl.) for old oil already in production and, as an incentive for exploration, a higher price (now $11.87) for new finds. Under near wartime security in Houston, the Justice Department and six FBI agents are looking into charges that oil companies camouflaged the origins of old oil and sold it as new crude...
Estimates of the total old-to-new switch range from 100,000 to 500,000 bbl. a day, with illegal profits running at around $6.50 per bbl. The mechanics of the switch are easy: all oil looks the same, and it is just a matter of falsifying paper work to hide its origins. The risks of being caught have been small-up to now. As one federal investigator told TIME Correspondent Rudolph Rauch: "All an oil guy had to do was look at the enforcement procedures and laugh...
Brunei's maneuvering to retain British protection is based on oil. Tucked between the Malaysian states of Sabah and Sarawak, the sultanate sits on an estimated 1.6 billion bbl. of petroleum. The government owns a 50% share in a subsidiary of Royal Dutch Shell, whose wells pump 230,000 bbl. per day; it is also one-third owner of the world's largest natural gas liquefaction plant. Brunei's revenues should surpass $1 billion this year, and the national surplus, already $2.5 billion, will grow by another $700 million...
...sending Cubans to Africa, he could not do so without huge and constant transfusions of Soviet aid. Western experts estimate that Russia now pumps the equivalent of about $6 million a day into Cuba. That figure includes outright grants, subsidies and technical aid. The U.S.S.R. sells Cuba 190,000 bbl. of oil per day at about half the world price and buys 3.5 million tons per year of Cuban sugar at four times the world price (currently 7? per lb.), paying partly with what Cuba needs most: hard currency...
...energy conservation, but the Senate has balked at the size ($12 billion a year by 1981) of the levy-one reason why the energy bill has been bottled up for nine months. Carter has warned that if the bill is not passed soon, he will put a $5-per-bbl. import fee on foreign oil, but the cantankerous Senate last week voted to restrict his power to do so. The House may not go along...