Word: bbl
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Dates: during 1980-1989
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...solution. It seems to me correct for the U.S. not to have let itself be drawn by the temptation to use force because a grave conflict could have been created. If a conflict takes place in that area, the price of oil will increase by $50 or $60 a bbl. And that would be really disastrous for all countries...
...base price of $13 per bbl. has been set for domestic oil that has already been discovered. On whatever they earn from selling the oil above that price, big oil companies will pay a flat tax of 70%, smaller producers will...
...East, it hardly seems the time to put energy on the back burner. Yet just when Jimmy Carter should be pushing hardest to cut consumption and conserve supplies, he seems to be taking a surprisingly soft approach. Not only has the Administration shelved plans to levy a $5 per bbl. tariff on foreign crude, but it has also backed off from calling for a steep new gasoline tax of perhaps 50? a gal. The tax had been urged by John Sawhill, Deputy Secretary of Energy, and supported by Treasury Secretary G. William Miller, Chief Presidential Economist Charles Schultze and James...
...John Lichtblau, executive director of the Petroleum Industry Research Foundation, "1979 would have been a normal year." The strikes that accompanied the revolution shut off Iranian production completely early in the year. Though output resumed in March, it ran most of the time at no more than 3.5 million bbl. a day?little more than half the level under the Shah. Khomeini made it clear that no more could be expected. In fact, Iranian output has dropped again in recent months, to around 3.1 million bbl. a day. Oil Minister Ali Akbar Moinfar says it will go down further because...
...wheels of industry turning, and to build stockpiles to guard against the all-too-real prospect of another shut down in Iran or a supply disruption somewhere else. The lid came off prices with a bang. OPEC raised prices during 1979 by an average of 94.7%, to $25 a bbl.?vs. $12.84 a year ago and a mere $2 in 1970. Moreover, oil-exporting nations shifted a growing proportion of their output to the spot market, where oil not tied up under contract is sold for whatever price buyers will pay. Before the Iranian revolution, the spot market accounted...