Word: bbl
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Dates: during 1970-1979
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...government brought about an unprecedented boom in the early 1970s, the economy has recently been feeling the stress of inflation in Western Europe. The Soviet Union, responding to the oil crisis of 1973, increased the price of vital crude oil for the Poles 150%, to $8 per bbl. To make matters worse, Poland was hit by severe droughts in 1974 and 1975, forcing it to buy $2 billion worth of grain from...
...long ago as mid-1975" that it might not be welcome at Long Beach. Sohio claims that when the pipeline was planned, it did not believe there would be any surplus in California that would have to be piped East. The unexpected West Coast glut-about 600,000 bbl. per day-arose, says Sohio, because of increased energy conservation and the lower fuel consumption that resulted from the recession. Yet others insist that the glut problem cannot be a surprise to the company. Says O.K. ("Easy") Gilbreth, director of Alaska's division of oil and gas: "Sohio told...
...industry that operates on a global scale, would not be unusual, and California's Quinn says it deserves "serious consideration." But the main reason for building the pipeline, after all, was to reduce initially the nation's reliance on foreign oil by about 7%, or 1.2 million bbl. per day, and for that reason Congress expressly prohibited the foreign sale of any Alaskan crude...
...Texas by tanker and piped north. But none of these options could be ready by the time Prudhoe Bay crude starts to flow. Although it would add to transportation costs, and presumably to consumer fuel bills as well, Sohio can temporarily ship part of the surplus-perhaps 200,000 bbl. daily-on U.S.-owned tankers, through the Panama Canal and on to the Midwest...
...levels, thereby reducing consumption and encouraging more oil exploration. Instead, Congress-and later the Ford Administration-adopted a "gradualist" approach. Embodied in the energy act passed last year, it essentially maintains oil price controls through 1978, allowing U.S. oil to rise from its controlled level of about $7.50 per bbl. (compared with the current world price of about $13) only in small annual jumps. Critics charge that this pace is too sedate to discourage consumption or spur production significantly, considering the enormous costs and risks involved. A current example: last week, in the first auction of East Coast offshore drilling...