Word: bbl
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Dates: during 1970-1979
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...spill occurred last week when the 237,698-ton supertanker Showa Maru ran aground at the eastern entrance to the Malacca Strait between Singapore and Malaysia on the north and Indonesia on the south. The impact tore open the ship's bottom, and an estimated 20,000 bbl. of oil leaked into the water. The five-square-mile slick that formed first threatened to smear the sparkling white beaches of Singapore's Sentosa Island, then began drifting westward toward more open water...
...Japan's oil troubles, a huge storage tank ruptured last month at the Mizushima industrial complex in the city of Kurashiki. About 50,000 bbl. of oil poured into the Inland Sea-a national park area as beloved as Mount Fuji-and tarred 100 miles of scenic coastline. Beyond the aesthetic damage, which has caused a national outcry, the spill has wreaked havoc with the local fishing and edible seaweed industries; losses are estimated at $40 million...
Calculating future world supply and demand, OECD economists have developed models showing the purely economic effects of keeping oil at three different price levels: $10.80 per bbl., which is roughly the current world price as dictated by the Organization of Petroleum Exporting Countries; $7.20 per bbl., a rate regarded as "fair" by many Western economists; and $3.60 per bbl., which is what the cost might have been today if OPEC had not been raising prices unilaterally since the 1973 Middle East war. Among the projections...
...continuing to meet the $10.80 price, would be able to reduce imports from around 6 million bbl. a day now, to zero by 1985 and actually export a domestic-oil surplus of 1.35 million bbl. a day. The assumption is that high prices would spur a 114% rise in U.S. oil production over a decade while depressing consumption, thus enabling the U.S. to stop importing oil altogether. In this area, the OECD researchers are even more optimistic than the Federal Energy Administration; in its Project Independence Blueprint published last fall, the FEA foresaw imports still hovering at 3.5 million bbl...
...Western Europe, which is far more dependent on OPEC supplies than the U.S., would shave imports by only about 8% (to 13.3 million bbl. daily) if oil stayed at $10.80. Yet lower prices would vastly increase its reliance on foreign oil. At $7.20, Europe's oil imports would rise another 21%, to 16.7 million bbl. daily; at $3.60, they would zoom by 71% to 23.8 million bbl...