Word: bbl
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Dates: during 1970-1979
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Ford said that effective June 1 he would double the $1-per-bbl. import tariff on crude oil that he imposed in February, and add a new 60?-per-bbl. levy on imports of refined products like gasoline and heating oil. A third $1-per-bbl. increase is yet to come. Ford pledged again to send Congress a plan for gradually decontrolling all U.S.-produced oil; about two-thirds of it is now price-fixed at $5.25 per bbl...
Costly Plan. The President's initiatives are no substitute for a broad, congressionally approved program that would include mandatory conservation measures. This year, for example, the tariff increases will pare imports by a mere 100,000 bbl. per day, to 6.2 million bbl., according to the Administration's own figures. Yet the cost of the plan will be substantial. White House officials acknowledge that deregulation would eventually kick up the price of gasoline, residual oil used by heavy industry, diesel fuel burned by trucks and other petroleum products by 5? to 6? per gal. The increased tariff will...
Kissinger also urged that the 18 IEA nations collectively cut imports of oil by 4 million bbl. per day by the end of 1977 and spend up to $1 trillion in the next ten years to develop additional sources of energy that would make the industrial world independent of the oil cartel. Yet, as Kissinger conceded, there is nothing that the consuming nations can do in the next several years to prevent oil producers from raising prices whenever they want to. Indeed, the Organization of Petroleum Exporting Countries may hike world prices by as much as $2 per bbl...
Doing Nothing. Ford intends to plunge ahead with his own program. He is expected to increase the tariff on foreign oil by $1 per bbl. on top of the $1 boost that he ordered last February. He also might start phasing out price controls on domestic old oil. By several reliable estimates, decontrol would add $250 a year to the average American family's energy bill. But the two measures would also stimulate oil exploration, which is lagging in the U.S., and probably reduce consumption by 1.5 million bbl...
...pipeline contractors drive to make their target date of mid-1977. The spongy, oil-soaked strata nearly two miles beneath the tundra at Prudhoe Bay contains an estimated 9.6 billion barrels of oil, by far the largest deposit in the U.S. Initially, the pipeline will carry 1.2 million bbl. per day, an amount equal to one-fifth of the nation's current oil imports. If other fields in the inhospitable area can be brought into production as expected, the capacity will eventually rise to 2 million bbl. daily...