Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
CRUDE OIL. In order to discourage consumption, the cost of U.S.-produced oil to buyers will be raised from its present average of $8.25 per bbl. to the world level-presently $13.50-by 1980. This would be done primarily by taxation rather than by any significant relaxation of federal price controls. The oil companies would be allowed to charge world prices only on newly discovered oil, which in the future could substantially boost their earnings. The cost of oil from existing wells would be driven up by a new federal tax at the wellhead. Thus buyers would pay more...
CONVERTING TO COAL. A 10% tax credit on the cost of new equipment would be granted to factories that switch from oil and natural gas to coal-fired systems. Industrial users of oil who fail to switch will be hit with a 900-per-bbl. penalty tax that will rise to $3 by 1985. Money collected from such levies would be channeled into a development fund for accelerating the conversion of plants to coal. Factories and utilities would be flatly forbidden to burn oil or gas under new boilers unless they could demonstrate that for some special reason they could...
...malusage so that in each decade-the '50s and the '60s-the world consumed more than had been used up in all previous human history. Oil production should peak out around the world in the early 1990s. The world, which is now consuming about 60 million bbl. a day, faces a limit on production somewhere around 75 million or 80 million bbl. a day. That means in five years' time we may have chewed up most of the possibility of further expansion of oil production...
When it comes to oil reserves, the U.S. is surely in the hole-as the American Petroleum Institute reiterated last week. The industry trade association reckoned that the nation's proven recoverable reserves dropped last year by 1.7 billion bbl., to 30.9 billion bbl. That is just one of many statistics measuring just what the U.S. has down there, for no industrial society gathers more energy information or has more computers to refine it. Yet the U.S. is woefully unaware of the real size of its energy resources...
...program-plant diagrams, patent descriptions, detailed reports on which catalysts and additives work best, even the monthly reports of Hitler's 25 oil-from-coal plants-fell into American hands at the end of the war. But crude oil was available then in ample supply at $2 per bbl., and the man-made oil cost up to five times as much. So the German documents were filed and forgotten. Wainerdi and Krammer found some of the papers in the National Archives in Washington and others stuffed into crates in Government buildings around the country. Until the two men came...