Word: bbl
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Dates: during 1970-1979
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...Israel would give up the Abu Rudeis oilfields on the Gulf of Suez. The fields now pump 36.5 million bbl. of oil a year, roughly 50% of Israel's total domestic needs. Without the crude, Jerusalem would be even more dependent than it is now on its chief foreign supplier, Iran, which has been growing increasingly critical of Israeli policy in recent months. The cost in foreign exchange would be $350 million per year, a critical sum for a country that is already running a deficit of $3 billion...
...extension of the controls that Congress has passed and will officially send to him by month's end. If his veto is upheld, as previous ones have been, controls will end on Aug. 31, and the 60% of U.S.-produced oil that has been held to $5.25 per bbl. will be free to rise. The Administration hopes the climb will discourage oil use and spur domestic production...
...continental U.S., at least not in amounts large enough to justify a pell-mell drilling rate. No one knows for sure, of course, but experts are beginning to wonder. The U.S. Geological Survey recently cut in half its estimate of recoverable oil left in the U.S., to 82 billion bbl. Oil Expert Walter Levy questions whether it makes much sense for oil companies to continue "spending more and more, and finding less and less." Wildcatters will no doubt continue exploring vigorously, but they have accounted for barely half of what little new oil has been found since 1973, and their...
...Shell and three other producers pulled out their rigs, and oilmen now refer to that ill-fated venture as "the Destin Anticlimax." They remain confident that other offshore sites-mainly along the Eastern seaboard and the California coastline-will produce better results, perhaps yielding as much as 2 billion bbl. during the balance of the century. Whether their optimism is well founded will not be known until ways are found to overcome environmental and leasing problems and allow the industry to step up its drilling off both coasts. Many experts argue that the U.S. should at least try to determine...
...industry has one powerful incentive to swallow its disappointment at the low discovery rate and keep looking hard for crude: all oil from new wells is exempt from federal price controls and sells currently for about $12.50 per bbl.-versus an average price for domestic crude of $5.62 in October 1973-and President Ford has vetoed congressional attempts to force a rollback. So the price should be more than enough to make a new well lucrative-provided it is the one in seven that actually hits...