Word: bbl
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Dates: during 1970-1979
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Further Drain. What Ford had done was to bite the bullet as he had been urged, though people had differing views of the bullet he should bite. He signed a proclamation that raises the tariff on imported crude oil by $1 per bbl. starting Feb. 1 and moving up to a maximum $3 per bbl. on April 1. The tariff hike is only part of his total program, which calls for a dramatic increase in the price of oil to reduce consumption, along with a $16 billion tax cut to reimburse consumers. By launching the first part of his energy...
...DIRECT. The U.S. could cut its oil imports by the goal of 1 million bbl. a day-or 5.5% of consumption-merely by printing coupons limiting what motorists can buy. Thus rationing, says one of its Senate advocates, Colorado Democrat Floyd Haskell, would have "an immediate conservation effect...
China scored an important economic leap forward in 1973 by making the heady transition from oil importer to oil exporter. China is not the Far East's Saudi Arabia. But with proven reserves in the 20 billion bbl. range (v. 132 billion for the Saudis, 35.3 billion for the U.S.), Peking expects oil eventually to become China's principal foreign exchange earner. Like other oil exporters, China will be able to benefit politically. In 1974 Peking exported some 30.5 million bbl. of crude (up 430% over 1973) to Japan, earning $442 million; the reason was not only...
...business of drilling for oil and supplying those who do it is booming not so much because of new discoveries as because of new prices. During the 1960s and early 1970s, when domestic crude sold for an average of $3 per bbl...
...their drilling equipment abroad or simply abandoned it in the fields; oilfield hands moved on to Canada or Alaska, or took other jobs. But then, in September 1973, Congress allowed "new" oil-produced above a 1972 base level -to float up to the world price, now about $11 per bbl. Suddenly, the producers, promoters, roughnecks and fortune hunters flocked back in droves to the oldtime West Texas boomtowns -and they are still coming...