Word: bbl
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Dates: during 1980-1989
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...probably few new super gushers still waiting to be discovered. Yet even if the biggest fields have probably already been found, only two-thirds of the world's 600 major oil basins have been drilled so far. That means that anywhere from 500 billion to 1,250 billion bbl. of oil may still be discovered. Since the most accessible areas of the world were searched first, any new oil bonanzas are unfortunately likely to lie in harsh, remote areas that will be difficult to exploit...
...wells have been sunk in the U.S. since 1859, four times as many as in the rest of the non-Communist world. Thus no experts expect any new Spindletops from conventional fields in Texas, Oklahoma and California. Still, the Geological Survey estimates that between 12.5 billion and 38 billion bbl. of oil are waiting to be found offshore. One of the most promising areas on land is the so-called Western Overthrust Belt in the rugged, mountainous area from southern Colorado to the Canadian border. Experts believe the area could contain many fields of 100 million bbl. or more-adding...
...have already been pushed to the brink of bankruptcy to pay higher oil bills. OPEC producers are already wary of exchanging their increasingly valuable but declining resources for inflated dollars or for overseas plants and real estate that could be seized. With importing countries expected to demand 33 million bbl. per day from OPEC by the year 2000, some 10% more than in 1978, Levy sees prices soaring, production decreasing and disaster for world economies...
...already making political patsies of some importing nations. Saudi Arabia is now using its muscle to try to buy U.S. offensive weaponry for its F-15 fighters. Denmark last month signed a contract for 20,000 bbl. of oil per day that forbids Danes to take any action that would "bring the kingdom of Saudi Arabia or any of its departments into disrepute." This could mean a Saudi veto power over something like showing the controversial film Death of a Princess, or even over Danish foreign policy...
...subject of widespread discussion. The CIA, in a controversial and criticized report in 1977, predicted that the Soviets would have to start importing petroleum before 1985. The CIA updated that study last year and said that Soviet oil output could fall as low as 8 million bbl. in 1985. If this view is accurate, the Soviet Union will soon have to halt its lucrative oil exports, including 129 million bbl. to such Western nations as Italy, West Germany and Austria. Last year petroleum was the largest Soviet export, with about $6 billion in precious foreign exchange coming from Western Europe...