Word: bbl
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Dates: during 1970-1979
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Since the discovery of major oilfields in the mid-'60s, China has become an economic power to reckon with. The first significant shipment of petroleum, 7 million bbl., was sent to oil-thirsty Japan only two years ago. Total oil exports this year are estimated at 70 million bbl. By 1980, oil shipments abroad are expected to reach 350 million bbl. and amount to one-third of the country's exports. China's trade, which remained virtually static at about $4.5 billion annually through the long years of isolation, jumped to $6 billion in 1972 and reached...
...price program acceptable to the Administration. Legislation reimposing the controls immediately zipped through Congress (in the House by a vote of 342 to 16 and in the Senate by 75 to 5). The old regulations, which held the price of two-thirds of U.S.-produced oil to $5.25 per bbl., expired...
...Senate passed legislation last April barring increases in the price of most U.S.-produced oil. Last week the House, by a vote of 255 to 148, approved an omnibus energy bill that would cut back on oil prices. The measure would put a lid of $7.50 per bbl. on the one-third of U.S.-produced oil that has not been price-controlled and now sells for about $13.50 per bbl. The $5.25 ceiling on the rest of domestic oil would be continued. The President, however, would be empowered to set prices at up to $10 per bbl. for hard...
...cartel's members would eventually soak up a disruptively large share of the monetary reserves of the non-Communist world. But these forebodings could not take into account the world recession that has slashed oil demand. Today OPEC'S output is running at about 28 million bbl. per day, v. 33 million bbl. just before the 1973 embargo, and revenues are falling below expectations...
...could still get through-about 20% according to weather experts. Barring that, the delay may well mean the first trickle of oil will not begin flowing south to the deep-water port of Valdez on schedule in the summer of 1977. The expected flow of just under 2 million bbl. daily could be delayed until well into...