Word: bbl
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Dates: during 1990-1999
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...than petroleum. The U.S. has a generous supply of just such a fuel: natural gas, also known as methane. Neglected during the 1980s because of abundant supplies of cheap crude, gas has suddenly become an attractive alternative again. With the Middle East crisis pushing petroleum prices to $30 per bbl., energy experts and environmentalists have begun urging greater development of natural gas to wean the U.S. from its heavy dependency on crude...
...enough natural gas in the ground to last 60 years at the current rate of consumption. Right now the fuel supplies about 24% of daily U.S. energy use, vs. 42% for petroleum products. Only a modest increase in gas production would be needed to replace the 750,000 bbl. a day of interrupted oil supply from Iraq and Kuwait. Gas already has many applications: heating, cooking and generating electricity. But energy experts are working on new ways in which the fuel could replace oil and gasoline, most notably in powering vehicles. Predicts Michel Halbouty, a Houston wildcatter: "Gas will...
...deserves priority: preserving America's wilderness or finding a steady supply of domestic oil? In the aftermath of the Exxon Valdez spill in March 1989, the environment was the overwhelming favorite. But in the month since the Iraqi invasion of Kuwait, which has pushed oil prices from $17 a bbl. to more than $30, the political mood has changed rapidly. The prime focus of the debate is the coastal plain of Alaska's Arctic National Wildlife Refuge, a pristine wilderness area that may hold the largest untapped oil deposit...
...size of the oil deposit, however, is a mystery. The Interior Department's estimate ranges from 600 million bbl. of crude to as much as 9.2 billion bbl. At the high end, the oil reservoir would be roughly equal to Alaska's enormous Prudhoe Bay field, or more than the U.S. uses in a year. The Interior Department puts the odds of finding a commercially exploitable oil field in the refuge at 1 in 5, vs. the industry's typical success rate...
...petroleum producers of the Middle East, with the exception of Iraq and Kuwait, stand to gain the most. Even if the production level were not increased, Saudi Arabia should sweep in an extra $38 million a day if prices stabilize at $25 per bbl., while the United Arab Emirates should increase its take by about $18 million. The biggest winner may be Libya, which will collect an additional $9 million a day and, unlike the Saudis and other gulf states, will not pay part of any bill for keeping U.S. and other forces in the gulf...