Word: bbl
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Dates: during 1970-1979
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...laughable initially but, as Western demand for oil kept climbing, the Shah's ambitions began to look more plausible. The Shah, whose country pumped 7% of the non-Communist world's oil imports, led the way in the first huge price increase, from $3 to $12 per bbl. between 1973 and 1974 and, though he aided the West by refusing to join the Arab oil embargo, he also kept urging OPEC to go on increasing its prices...
...billion. A new report from the Congressional Budget Office, headed by Democratic Economist Alice Rivhn, concluded that such action would enrich the Treasury but result in less oil for the country. The study showed that domestic oil production in 1990 under the tough House tax would be 7.1 million bbl. per day, while it would be 7.6 million with the lighter Senate bill and 7.9 million with no tax at all. Lower taxes encourage more drilling by offering the incentive of a larger jackpot to wildcatters finding...
...initiatives in all sectors and rethink what is possible," says Deputy Energy Secretary John Sawhill. He adds that the Administration is considering ways to boost gasohol production, force utilities to use more coal and other oil conservation measures. Such proposals would save as much as 600,000 bbl. of oil per day; up to now, the U.S. has been importing some 700.000 bbl. daily from Iran...
...drilling, were putting off new exploration. Major reason: uncertainty over the decontrol of oil prices and new natural gas pricing regulations. The turning point came in June when crude began to be decontrolled. Oil from wells "newly discovered" after Jan. 1, 1979, began to sell at $28.81 per bbl. delivered to the refinery, rather than the artificially controlled price of $13.86. The additional oil from older wells produced by "enhanced recovery" methods, like the injection of steam or chemicals, was also decontrolled...
...divert public criticism by pumping up exploration budgets. A number of independents are still holding back until the windfall profits tax reaches final form. The Senate has proposed that newly discovered oil and certain categories of low-volume wells be exempt. Some oilmen hope that the first 1,000 bbl. per day from an independent producer's well will be free from the tax. Says Jack Allen, president of the Independent Petroleum Association of America: "That would really set off a wave of drilling. It would be the greatest drilling boom ever...