Word: bbl
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Dates: during 1970-1979
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...soften the blow, the Administration intends to drop its $2 per bbl. tariff on imported oil. Congress is almost sure to extend through next year $9.4 billion in tax cuts enacted for 1975, and the Administration will have little choice but to go along. Still deeper tax cuts might be needed too. To get them enacted, the White House and Congress would have to muster a far greater willingness to compose their differences than is indicated by the long and sorry record of their wrangling over energy...
...stimulate U.S. production and diminish the nation's dependence on OPEC imports -with the Democrats' fears that the rises would be inflationary and impede economic recovery. At present, "old" oil -crude pumped in amounts equal to what was produced in 1972-is price-controlled at $5.25 per bbl.; "new" oil is uncontrolled and sells at about $13. The President's new bill would gradually lift the controls on old oil over a 39-month period. Each month more oil would be decontrolled, but the schedule is so set up that the biggest impact on prices would...
Windfall Profits. Also, the bill would establish an initial ceiling of $11.50 per bbl. for all oil; that would force an immediate rollback of about $1.50 per bbl. in the present price of uncontrolled crude. Then the ceiling price would be increased five cents each month through November 1978. The plan also calls for taxing oil companies' "windfall" profits and returning part of the money to the consumer, perhaps in the form of a tax rebate...
...recovery, however, faces a peril: This fall OPEC is expected to raise the price of oil another $1.50 per bbl., to roughly $12. What is more, on Aug. 31 the U.S. law authorizing price controls on domestically produced oil expires; unless it is extended, the price of some 60% of oil from U.S. wells is likely to leap overnight from the present controlled $5.25 per bbl...
...company supplies oil to New York State utilities and others along the Eastern seaboard. It also explores in the North Sea, pumps crude in Abu Dhabi, refines in the Bahamas, ships round the world by tanker, truck and pipeline, and owns storage terminals with a capacity of 25 million bbl. Most of the Carey Corp.'s business is with industrial customers. But a subsidiary, Burns Bros., supplies heating oil to New York metropolitan-area homes. In Canada, the group's Caloil affiliate sells gasoline under the Calex sign at 250 service stations...