Word: bbl
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Dates: during 1970-1979
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...same time, Ford made a conciliatory gesture aimed at keeping alive negotiations between the Administration and Congress. He agreed to put off for up to a month a doubling of the $1-per-bbl. tariff on imported oil that he imposed in February. But that is the less important of the two administrative actions that the President has been considering; the lifting of price controls on domestic oil would ultimately be far more costly to consumers...
Under present law, "old" oil is price controlled at $5.25 per bbl. Old oil is defined as the amount of crude a well pumped month by month in 1972; any amount produced over that level is considered "new" oil and is not controlled. Under Ford's order of last week, 4% of the old oil would be freed from control each month; over two years or so its price would presumably shoot up to the world price of about $11 per bbl. Zarb estimates that decontrol would eventually add about 5? per gal. to the price of gasoline...
...Little Time. Controversial as the decontrol plan is, Ford has at least avoided an immediate clash with Congress by delaying for a month the scheduled $1-per-bbl. increase in the tariff on imported oil. In February the President imposed the first $1-per-bbl. tariff and planned to raise it by another $2-$1 in March, another $1 in April. Congress swiftly passed a bill temporarily suspending the President's authority to post the increases. Ford vetoed the bill, but struck a compromise: he would defer adding the second dollar until May 1. As that deadline approached last...
...buyers' pockets; prices in many cases reached levels that did not seem justified by even the rapid run-up in quotes for Middle Eastern crude. Boston-based New England Power Co., for example, was so desperate for fuel in January 1974 that it paid $23.75 per bbl. for 127,479 bbl., when the going price to other utilities was only $12.05. At about the same time, the Los Angeles Department of Water and Power paid $25 per bbl. for 150,000 bbl. bought from a New York oil broker...
...starting at least 30 research projects, from measuring wind movement in various U.S. regions to seeing how wind can be used to dry crops. In all, ERDA would like to spend $11.5 million on wind projects next year. Under accelerated development programs, wind energy could save 800,000 bbl. of oil daily by 1985, almost 8 million bbl...