Word: bbl
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Dates: during 1980-1989
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...leader this time was Saudi Arabia, which unilaterally added $2 to the $26 per bbl. that it already charges. The largest OPEC producer argued that with worldwide demand for oil weak, such an increase would somehow restore "order and unity" to the crazy-quilt patchwork of global oil prices. Yet hardly had the Saudis acted than Libya, Kuwait, Iraq and the United Arab Emirates announced matching increases of their...
...synfuel legislation does nothing to ease the immediate OPEC squeeze, but its long-range effect will be important. Initially, Carter had called for a ten-year, $88 billion effort to construct a network of synfuel plants that could produce up to 2.5 million bbl. of crude oil per day out of coal, shale rock and tar sands. That would enable the nation to cut its projected consumption of imported oil about one-third by 1990. The House-Senate conferees accepted the ultimate goal of the program as set by the President but slowed the pace of spending. Instead...
Banisadr's problems are compounded by economic woes. Unemployment is currently about 30%, and industrial production is only at 30% of capacity. Daily oil output has sunk to about 2 million bbl., far below the 6 million bbl. produced under the Shah. Production threatened to fall even lower when a major pipeline in Kermanshah province was blown up, presumably by antigovernment Iranian Arabs...
...guarantee that the fee will apply only to gasoline. Oil companies might be able to increase the price of other petroleum products, like home heating oil, thus giving a nervous Congress further cause for election-year jitters. While the Administration claims the fee would save 100,000 bbl. of oil per day, skeptical industry analysts say the reduction would be closer to 60,000 bbl...
...Administration has nonetheless had some success in trimming U.S. oil imports. In April they totaled 6.7 million bbl. per day, compared with 7.8 million bbl. per day for the same month in 1979. But energy independence is still fathomless barrels away. Last week Saudi Arabia, the U.S.'s largest foreign energy supplier, hiked the price of oil 8%, to $28 per bbl., thus narrowing the gap with the OPEC nations that charge about $35 per bbl. Defending the tattered and admittedly rather feeble fee to a congressional subcommittee, Treasury Secretary G. William Miller warned: "Backing away from such...