Word: bbl
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Dates: during 1970-1979
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Venezuela faces problems in running the industry. The most immediate is selling the oil. Foreign companies have agreed to buy 1.5 million bbl. per day for at least the first three months of 1976, but that is about 500,000 bbl...
...PRICES. The average price of crude oil produced in the U.S. will be rolled back from the current $8.75 per bbl. to $7.66 per bbl. in February (imported oil costs roughly $13 per bbl.). The cutback will amount to about 1? per gal. for gasoline and home-heating oil, but Federal Energy Administrator Frank Zarb doubts the savings will be passed on to consumers. Reason: all of the rollback will be absorbed by the rising costs of suppliers' operations. Increases in the price of domestic crude oil will be limited to 10% a year until May 31, 1979, when...
RESERVES. To provide a cushion in the event of another foreign oil embargo, the U.S. will stockpile 150 million bbl. of oil within three years and increase the reserve to 400 million bbl. by 1983. That would be roughly equal to less than one month's supply at current consumption rates. In addition, if there is an energy emergency sometime in the future, the President is authorized to prescribe gasoline rationing and other means of conserving fuels, order a production increase at domestic oil and gas fields and restrict exports of coal...
...story opened in 1957, when Gulf began exploring for oil off the coast of Cabinda, a province of Angola, then under Portuguese colonial rule. The Cabinda subsidiary of Gulf began pumping in 1968, eventually taking 150,000 bbl. a day out of 120 wells, and Gulf paid taxes and royalties-most recently $10 per bbl.-to the territorial government of Angola. By 1973, the wells had repaid Gulfs $250 million investment, and since then they have been returning a profit to the Pittsburgh-based company...
...announcing the nomination of Assistant Secretary of State Thomas Enders to succeed him, Porter threw a small cocktail party for a dozen Canadian and American reporters. At the party, he observed that Congressmen in U.S. Border states were unhappy about the price of imported Canadian oil. At $14.99 a bbl., Canadian crude is running nearly $1.50 above average world market prices. Porter also pointed out that American investors had become leary of putting more money into Canada because of worries about rising nationalism. As an example, he cited the decision of the Saskatchewan provincial government to take over the potash...