Word: bbl
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Dates: during 1970-1979
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...present, "old" oil-crude pumped in amounts equal to what was produced in 1972-accounts for two-thirds of domestic output and is price-controlled at $5.25 per bbl. "New" oil is uncontrolled and sells for about $14 per bbl. Thus the average price of all U.S.-produced oil is roughly $8.75. Under the proposed law, that average price would be rolled back immediately to $7.66 per bbl. and thereafter allowed to rise by 10% a year...
...settlers, the railroad is closed. So are the iron mines. The coffee crop, most of it rotting on the bushes, will be one-fifth the size of last year's, and diamond production will also drop by more than 50%. Only oil production remains relatively untouched; 120,000 bbl. per day were still being pumped out in the northern enclave of Cabinda -though with last week's reported increase in unrest, that source of wealth also seems likely...
...demanded a price 15% below the world price set by the Organization of Petroleum Exporting Countries; the Soviets balked. Instead, the two sides signed a "letter of intent" to resume negotiations on a deal under which the Soviets would ship to the U.S. the equivalent of 200,000 bbl. of oil a day at prices to be mutually agreed upon...
...could get from oil sales, and will need even more to pay for U.S. grain. The U.S. is eager to tap the Soviet oil barrel, largely for political reasons. The U.S.S.R. passed the U.S. last year as the world's largest oil producer and now pumps 9.5 million bbl. daily v. 8.3 for the U.S. But Soviet consumption is rising fast too, so that the Russians have little oil to spare for the U.S.; the amounts talked of in the letter of intent would supply only 1.2% of U.S. daily needs. Rather, an oil deal promises political benefits...
...reasons for keeping its increases small. It sells most of its oil to Japan, where consumption in early 1975 fell 13% below 1973. Also, Indonesia's latest increase brings the price of Central Sumatra sweet crude, a product highly valued for its low sulfur content, to $12.60 per bbl., and China, which does not belong to OPEC, is marketing a similar crude...