Word: bbl
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Dates: during 1970-1979
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...Democrats to throw the full weight of the U.S. Government against the price-setting power of OPEC and thus roll back the price of petroleum. It would reduce the price of "new" domestic crude (oil in excess of what was produced in 1972) from its present $13 per bbl. to $7.50. Producers in especially high-cost drilling areas, like offshore, would be allowed to charge $8.50 per bbl. The price of "old" domestic crude, which is now frozen at $5.25 per bbl., would be allowed to rise to $7.50 also-but only over a five-year period. The House bill...
...across state lines. As demand surged in the early 1970s, partly as a result of environmental legislation favoring clean-burning gas, the FPC held the price at an artificially low level. Even now, it is fixed at only 510 per thousand cu. ft., equivalent to a mere $3 per bbl...
Levy also believes that the oil exporters will raise prices steadily, perhaps by as much as 12% this year and 7% annually thereafter. By 1980 he expects the key grade of oil to be selling for $14.65 per bbl. v. $10.46 now. Even if oil prices drop temporarily, he contends, the decline would fuel a boom in the industrial world; this in turn would lead to such an increase in oil demand that OPEC could put prices right back up again...
...Libreville, Gabon, and put on the record what was already obvious: it will "readjust" (meaning raise) oil prices again when the freeze ends Sept. 30. The 13-nation cartel named no figure, but President Ford reacted to nervous speculation that the increase would amount to $2 to $4 per bbl., on top of the current price of $10.46 per bbl. for the key grade of crude. Such a boost, said the President, would be "totally without economic justification...
Congress's failure to legislate any tough energy program puts the burden on the Ford Administration, which has already doubled its tariff on imported oil, to $2 per bbl. But an argument broke out within the Administration over that scheme. Commerce Secretary Rogers C.B. Morton, who has a habit of dropping bombshells at breakfasts with reporters, let go another last week. Shortly after the orange juice, he confided that he might recommend scaling down or scrapping the tariff boost if OPEC does in fact raise prices. Morton's comment was repudiated immediately by Federal Energy Administrator Frank Zarb...