Word: bbl
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Dates: during 1980-1989
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...some experts, may continue for a decade or more. The 1973 embargo and the 1979 supply interruption that followed the Iranian revolution helped spur reductions in demand and a spate of conservation measures. Despite a decade's growth in population, total domestic oil consumption today (15 million bbl. per day) is even lower than the level of 1973, an achievement not anticipated then. Autos made by the big three domestic manufacturers averaged roughly 12 m.p.g. in 1973; today, that figure is closer to 24 (still short of the Government's target...
...nonrenewable fuels (petroleum, gas and coal) for 90% of its energy needs, not much below the 94% of 1973. The price and supply of oil worldwide remain very delicately balanced. Despite a frenzy of oilfield drilling set loose by oil decontrol, domestic production has actually slipped to 8.65 million bbl. daily, compared with 9.2 million in 1973. Now 30% more coal is being burned, but production of domestic natural gas declined by 18% in the decade. After six years, Washington's planned strategic petroleum reserve of 750 million bbl., which equals 90 days of oil imports, is only...
...exercise conducted over an eight-week period this spring by the International Energy Agency (IEA), a 21-nation group created to coordinate worldwide responses to future oil crises. The high-stakes exercise began with a simulated telegram sent by the IEA secretariat in Paris announcing that 8 million bbl. daily had vanished from world pipelines. Reason: a hypothetical blockage of the Strait of Hormuz (not too farfetched in light of the three-year-old Iran-Iraq war) and sabotage of Nigerian oil facilities...
...dismay of most participants, during the hypothetical crisis the U.S. Energy Department did not move to control supplies or limit the price of oil. As a result, U.S. oil prices zoomed to a theoretical $98 per bbl., with gasoline priced at $2.83 per gal. As Wisconsin Energy Administrator Roy Christiansen recalls: "The Feds didn't seem to be concerned, or want to deal with it." During the game, Wisconsin energy officials telexed Washington: "We hope it will not take the economic collapse of one of these cities . . . before the Administration realizes that its [noninterventionist] policies have failed and must...
...second study, completed in March by the Congressional Research Service, confirmed that the "ceiling" could go as high as $130 per bbl. in a crisis. If one had erupted in 1982, the study concluded, the gross national product of Western nations would have dipped by an additional...