Word: bbl
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Dates: during 1970-1979
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...must reduce its imports of oil?which are now 7.3 million bbl. per day?by 1 million bbl. per day this year, and by 2 million bbl. in 1977. The way to do it is to make energy so expensive that consumers and businessmen cannot afford to burn as much oil as they...
...energy program, the OECD's projections are about as comforting as January's bill from the local gas and electric company. Yet the OECD conclusions are in line with the arguments Ford has been hearing in recent weeks that a "floor" price of about $11 per bbl. of oil would be the most effective way to reduce imports and increase self-sufficiency. Still, the costs will be steep, perhaps impossibly so for those countries that, unlike the U.S., have only limited energy resources...
...Washington has made domestic-oil exploration more attractive than it has been at any tune in years. Under the two-tier oil price system inaugurated in September 1973, "new" oil-production in excess of a 1972 base period-can be sold at the world price, now about $11 per bbl. That is more than double the limit of $5.25 per bbl. allowed on "old" oil produced within the base level...
Piping, drilling rigs and other items are in short supply now largely because they have not been in much demand in recent years. At the $3.81-per-bbl. price that prevailed when the two-tier system arrived, many drillers abandoned oil exploration as unprofitable. During the past 20 years, the number of independent oil companies shrank from about 20,000 to 10,000, and manufacturers of drilling equipment cut back on their production accordingly. With demand on the upswing again, the manufacturers are struggling with order backlogs of up to three years. The smaller independents have been hardest...
...time, of course, but time can cost billions. The National Petroleum Council estimates that, were it not for equipment shortages, 2,200 more new wells would have been drilled during 1974. Within two years, those missing wells might have increased U.S. production by as much as 700,000 bbl. a day-enough to replace 70% of the oil that President Ford wants to cut out of the country's imports...