Word: bbl
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Dates: during 1970-1979
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Both houses of Congress also moved ahead with their energy plans. First, the Democrats gained time when the Senate, following the House, voted 66 to 28 to postpone for 90 days the President's three-stage, $3 per bbl. tariff increase on imported oil. Thus they cleared the way for enactment of an alternative program that will concentrate on reducing consumption without raising prices. Both houses have ad hoc committees working on energy programs. Said Texas Representative Jim Wright, who heads the House task force: "Relying on a tariff to cut domestic consumption is roughly analogous to a husband...
Unexpected Crimp. Most significant, the two biggest producers have brought down their totals from late last year. Production has dropped in Saudi Arabia by 1 million bbl., to a total of 7.5 million bbl. In Iran, output has declined from 6.1 million bbl. to between 5.3 million and 5.6 million bbl. Last week Venezuela, which had already reduced output from 3 million bbl., to 2.6 million bbl., announced that it was trimming another 200,000 bbl. Pumping in Libya has been cut in half from last year's average, to 1 million bbl. a day. In January, Abu Dhabi...
...demand is that most industrial nations are in the midst of recession-a situation that OPEC's high prices helped create. To maintain their prices in the face of the oil glut, OPEC members have been forced to reduce production substantially from 1974's average 33 million bbl. per day. In the past couple of months, daily production has declined by 3 million to 5 million bbl...
There is considerable doubt in and out of Washington about just how effective a floor price would be in promoting energy development, particularly in the U.S. Atlantic Richfield Co. and three other firms recently suspended a big oil-shale project in Colorado after cost estimates for a 50,000 bbl.-per-day plant jumped from $450 million to $800 million. A price of $7 for oil, concluded the Federal Energy Administration in its Project Independence Blueprint last fall, could boost consumption back to wasteful levels while providing only a slight stimulus to production, thus actually increasing U.S. dependence on foreign...
Consumption Cut. The assumptions are buttressed by recent trends. In Europe, oil consumption declined 7% in 1974; in the U.S. it fell by 3%. Last week 17 members of the International Energy Agency agreed to cut their total oil imports by two million bbl. a day this year. Exploration for oil in the North Sea, Alaska and Mexico, and research into alternative forms of energy, continue apace...