Word: bbl
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Dates: during 1970-1979
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...American Oil Co. Oil prices were relatively low?$1.40 to $2 and the governments' take ranged from 20¢ to less than $1 a bbl.?because Middle East production costs were modest, oil was in surplus in the world, and the producers' governments were weak and disunited. Company earnings were huge. When supplies tightened and producers began to get together in the late 1960s, the governments' split of production profits rose from 50-50 to 67-33. Even before the price rises since 1973, Middle East governments profited nicely from oil; Saudi Arabia's take from 1965 to 1972 totaled...
...United Arab Emirates will pay no more than now; those countries, in effect, went up to the new prices in November. But buyers of crude from the other ten OPEC nations, including Iran, Kuwait and Venezuela, will pay to the governments of those nations about 38? per bbl. more, an increase of roughly 4%. The new price will remain in effect until next Sept. 30 - meaning, the producers say, that as inflation continues in consuming countries, the price of oil relative to other prices will actually come down...
...profits continue to gush into the Persian Gulf nations, other governments, too, are beginning to make money from the stepped-up quest for oil. In the North Sea, explorations have so far turned up more than 20 billion bbl. of proven reserves, nearly 4% of the world total. Norway alone has proven reserves of about 6 billion bbl., and experts believe that the potential is at least twice that amount. Surprisingly, though, Norway is approaching its new riches with Scandinavian solemnity. Government planners predict that by 1981, oil output will pump more than $2.7 billion in yearly revenues into...
...idea to keep oil prices high for consumers in the U.S. and other major oil-importing nations, even if the cartel of oil-producing countries is broken and world prices drop. The proposal is to guarantee domestic producers a price around the present $10 or $11 per bbl. for new oil pumped out, guarantee equivalent prices to investors in new energy projects such as coal gasification(thus increasing domestic energy production), and perhaps place a variable tariff on imported oil so that it would still cost U.S. industry and consumers $10 or $11 per bbl., even if the Persian Gulf...
...been hesitant about asserting its new-found strength, sometimes to the discomfiture of the U.S. Without the courtesy of consulting Washington, as it often did in the past on such matters, the Ottawa government last year increased the tax on its oil exports to the U.S. from 40? per bbl. to $5.20, thereby making Canadian oil, which accounts for 20% of all U.S. imports, the most expensive crude on the Chicago market. In a subsequent move, Canada announced a 60% price increase for the natural gas it exports to the U.S. Three weeks ago, Ottawa announced that it would sharply...