Word: bbl
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Dates: during 1980-1989
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Windfall-Profits Tax Exemption. The bill chips away the Carter Administration's windfall-profits tax on oil producers, increasing the exemption from $1,000 to $2,500 for oil royalties in 1981, then to the profits from 2 bbl. of oil daily in 1982, then 3 bbl. in 1985 and thereafter. The tax on newly discovered oil will also drop, from 30% to 15% in 1986. Small independent oil producers who get crude from low-yield "stripper wells" will be exempted altogether in 1983. Despite Democratic protests that the provision is a giveaway to big oil, it benefits wildcatters...
...sell the oil and gas rights to four oceanic basins off the northern California coast. The tracts are in the middle of rich commercial fishing grounds and are home to several species of threatened marine life. The U.S. Geological Survey estimates that the basins contain only about 300 million bbl. of crude, or roughly twelve days' worth of the nation's oil needs. Environmentalists have been joined in the battle to prevent sale by some conservative Republicans, who feel that the auction would be contrary to President Reagan's pledges to share federal power with the states...
...contest for control of Conoco, the energy company laden with 1.7 billion bbl. of oil reserves, 3.8 trillion cu. ft. of natural gas and 14.3 billion tons of coal, whirled on last week at a billion-dollar pace. The opponents: Du Pont, the largest U.S. chemical producer; Seagram, the world's biggest liquor distiller; Mobil, the second largest American petroleum company; and Texaco, the third-ranking oil firm. As the price for Conoco whirled higher and higher, the contestants launched a global financial free-for-all and corralled almost $20 billion in standby credit at multinational banks from...
With cosmetics demand now far outstripping supply, the price of jojoba oil is soaring. In Mesa, Ariz., Processor Tom Janca sells 55-gal. barrels of jojoba oil for $6,900, almost triple last year's price of $2,500 per bbl. Says he: "We're trying to talk the big companies out of ordering too much. We just don't have enough seeds...
...Conoco is understandable. Petroleum is the raw material for some 80% of its products. Like all chemical makers, Du Pont has been badly hurt by the surge in oil prices since 1973. Now Du Pont will have its own private supply of crude. Last year Conoco produced 374,461 bbl. of oil per day worldwide, of which 36% came from U.S. wells. Moreover, Jefferson contends that Du Pont scientists will be able to help Conoco develop new techniques for boosting the yield from oil wells and converting coal into synthetic fuel. Conoco is the second largest U.S. producer of coal...