Word: bbl
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Dates: during 1980-1989
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...decade after the Arab oil embargo caused panic at the nation's gas pumps and sent the price of oil soaring from $3 per bbl. to more than $20, U.S. reliance on imported oil has scarcely dropped...
...late 1973, when the five-month embargo began as a direct result of the October War, oil imports totaled 36% of U.S. consumption, or 6.2 million bbl. per day; last August, imports reached 35.7%, or 5.97 million bbl. How would the nation fare today if Arab leaders deliberately turned off the tap, or if the fields were damaged, or if some other unpredictable trauma occurred? Many experts share the view of Henry Schuler, who directs energy and security studies at Georgetown University. Says he: "I don't think we're better...
...made foundation for the plant. When the STP finally starts working in mid-1984, it will help Arco, Sohio and nine other oil companies get more oil out of their North Slope wells. Water will be drawn into the plant at a rate of as much as 2.2 million bbl. a day, deoxygenated and heated from the Beaufort Sea's 28° to 40°. Then it will be pumped to another plant ten miles away, there to be heated to 80° and sent through a maze of 35 pipelines to injection wells in the oilfield...
Forced into the ground, the water will help push oil to the surface, its low oxygen content ensuring that microorganisms do not grow to inhibit the oil flow. Currently, the wells produce 1.5 million bbl. daily. The STP-processed water will guarantee that an additional 1 billion bbl. can be extracted from the sandstone beneath the Beaufort Sea before production slacks off in the 1990s...
...fine points of sand porosity and step-out drilling. If the Celtic Sea discovery proves to be a commercially exploitable field, which can be determined only through further tests, the first revenue would begin flowing in about four years. The output of even a modest field, about 100,000 bbl. a day, would eliminate Ireland's $1 billion annual oil-import bill and provide a much needed tonic for the country's depressed economy. Irish unemployment is approaching 15%, with no turnaround in sight. The government has created some new jobs by providing tax incentives to high-tech...