Word: bbl
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Dates: during 1970-1979
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...heavy drain that the high price of foreign oil is imposing on the U.S. balance of payments. Ford himself hinted last week that mandatory conservation measures may be necessary if the voluntary steps that he has urged do not fulfill his goal of reducing oil imports by 1 million bbl...
...ARCO executive mentioned the find to Presidential Assistant L. William Seidman. Ever since, oilmen have been trying to estimate the size of the discovery, with no help from Mexican officials, who insist that they just do not know. Some skeptics place the reserves as low as 1 billion bbl., which would have significance only to Mexico. But other estimates, including the one now accepted in Washington, cluster around 15 billion bbl. If that figure proves to be correct, it would rank Mexico in about the same class as Nigeria among the heavyweights of world...
...Persian proverb Ever since the oil crisis that rocked the world last year, the autocratic ruler of Iran has, to many people, indeed seemed to be basking in the light of the Almighty. Iran sits atop an estimated 60 billion bbl. of crude oil, or roughly one-tenth of the world's proven reserves. The disposition of "this noble product" (as Iranians like to call it), and the money to be made from it, is in the firm hands of one man: His Imperial Majesty Mohammed Reza Pahlavi, Aryamehr (Light of the Aryans), Shahanshah (King of Kings). Once dismissed...
...Iran is now producing 6.1 million bbl. of oil daily and is the world's second-greatest oil-exporting nation, after Saudi Arabia. Iran's refinery at Abadan is the world's largest. More important, the Shah was one of the first oil potentates to take complete control of production and reserves: since 1954 all income from production has gone to the National Iranian Oil Co., which is completely controlled by his government...
...prices] at our expense. These are people who say they want to bring prices down, but we have unveiled the true picture. Participation of 100% [referring to Saudi Arabia's expected takeover of Aramco] is going to increase the price of oil by at least another $ 1.10 per bbl. Nobody spoke about that until we unveiled...