Word: bbl
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Dates: during 1970-1979
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...breathing space for the manufacturers, who soon will be hit by costly new federal energy-saving regulations. A Federal Energy Administration study shows that air conditioners account for 7% of the electricity used in the U.S. The FEA estimates that air conditioning uses up the equivalent of 1 million bbl. per day of oil, or 2.5% of the U.S.'s daily energy consumption. More than 70% of all new homes built in the U.S. now have central air conditioning, and 53% of all older homes have at least one room unit. Air conditioners rank behind only space and water...
...reaction of Democrats has been equally pained. After assessing the President's energy plan, Rivlin announced that the Administration's estimates of what the program would accomplish were "overly optimistic." For example, the CBO found that savings on oil imports would be closer to 3.5 million bbl. daily by 1985 than the 4.5 million bbl. projected by the President. Said Rivlin: "There's been a lot of talk of sacrifice, but one just doesn't see it here...
...talks was oil. Venezuela has cut its shipments to the U.S. by about one-third in a conservation program. The country's reserves are due to run out by the end of the century. Today Venezuela accounts for only 41½% (88 million bbl.) of total U.S. oil imports, the lowest level in 30 years...
...Saudis have more oil than even the present figures on proven reserves (110 billion bbl.) indicate. Last year Saudi Arabia passed the U.S. to become the world's second largest oil producer, and this year it may overtake the Soviet Union to become No. 1. Even so, as the country's suave Oil Minister, Ahmed Zaki Yamani, told TIME Correspondent Wilton Wynn, "In the past year we discovered more oil than we produced. In the future, we will double our reserves." At present the country is producing about 9 million bbl. a day, but Frank Jungers, chairman...
...complained to the ICC that the charges could be as much as $2 too high. If the commission orders a cut, it would benefit not the consumer but the state of Alaska. The consumer will probably wind up paying the same price as for imported oil, now $13.50 per bbl. If the pipeline tariff goes down, the companies that own the line can make up most of the difference by paying their producing subsidiaries a higher price at the wellhead to pump the oil out of the North Slope. And their arrangement with the state declares that the higher...