Word: bbl
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Dates: during 1970-1979
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...Favor. For example, despite the worrisome success of oil exporting nations in maintaining extortionate prices for petroleum now, the study suggests that they will not be able to keep them up. In order to hold 1985 prices at $11 per bbl., approximately the current level, Middle East nations would have to hold production to slightly less than half what they could pump. Oddly enough, they would be doing the U.S. a kind of favor if they did follow that strategy: American imports of oil in 1985 would drop to 3.5 million bbl. a day, from 6.3 million now. Reasons...
Mandatory Measures. In that case, imports would rise to 10.2 million bbl. a day-but only under the "base case" assumption that the Government did nothing special to encourage energy conservation or accelerate domestic production of fuels. The Blueprint offers a series of strategies for cutting imports. First, under an "accelerated supply" option, offshore drilling would be speeded on the Atlantic, Pacific and Alaskan shelves; environmental laws would be relaxed to permit the burning of more coal; and nuclear plants would be hustled into existence. The payoff: a drop in oil imports by 1985 to 5 million bbl...
...themselves, the conservation programs would hold oil imports in 1985 to 8.2 million bbl. a day. Combined with the accelerated supply option, they would slash imports to 3 million bbl. daily, or less than half the current level -and this at a $7 average price. Moreover, only half the imports would come from "insecure" (meaning Arab) sources. If policymakers decided that the nation could tolerate a higher level of imports, they could work out some mix of supply and conservation programs rather than go all-out in either direction...
...third strategy outlined by Blueprint would be to build up a stockpile of oil sufficient to carry the nation through a year during which foreign producers withheld 1 million bbl. a day of potential shipments to the U.S. The policy would cost $4.7 billion, but that would be a bargain; without it, such an embargo would take a $33 billion bite out of national production. Blueprint does not firmly recommend any of the strategies it describes; its purpose is to outline a wide range of choices...
...instance, and imposing a sales tax on energy-the nation could cut the growth of energy usage to zero by the year 2000, the report says. The foundation team calculates that even reducing the growth rate to 2% would shrink oil imports by 1985 to a mere 2 million bbl...