Word: bbl
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...held together by 'Band-Aids'" and estimating that the Iraqi industry needed $30 billion to $40 billion to rehabilitate active wells and develop new fields. "Put simply," the report continued, "we do not anticipate a bonanza." According to Department of Energy figures, Iraq is pumping only about 1.65 million bbl. of oil a day now, compared with 2.8 million before the war and 3.5 million before 1990, which makes that revelation something of an understatement...
...reduction would be modest. Even if the ANWR would yield 1 million bbl. daily of crude oil, as suggested by the President, by the time pipelines are built and production gets under way, the oil would displace less than 10% of U.S. imports. And there are no guarantees for the 1 million bbl. In the early days of the North Slope project, politicians predicted that consumers would get 3.8 million bbl. of crude oil daily out of Alaska "by the end of the century." Instead production hit a high of 2 million bbl. in 1988--the only year at that...
...make matters worse, the U.S. is confronted with a refinery gap--just as it was in the 1973-74 oil crisis. The U.S. consumed 19.8 million bbl. a day of petroleum products last year, but its refineries could process only 16.6 million bbl. of crude oil. The 3.2 million barrel difference was made up through imports of finished products like gasoline and jet fuel, which are even more susceptible to supply disruptions than crude oil. Following the energy debacles of the 1970s, the industry began adding refinery capacity. By 1980, it could process all the crude oil required to meet...
...decade before the act's passage, gasoline consumption had risen 48%, to 6.5 million bbl. a day in 1974. In years to follow, even with millions more cars on the highways, consumption remained largely unchanged. Beginning at 7 million bbl. a day in 1976, demand went up and down in a narrow range and by 1991 was at just 7.2 million...
...extraordinary tax benefit to the gas guzzlers, so drivers who used a vehicle for work could write off the cost on their tax returns--even as much as $38,200 toward a new Hummer H2 that gets only 10 m.p.g. As might be expected, consumption rose 1.5 million bbl. a day over the past decade, to 8.8 million last year. But for owners of pricey vehicles like the Hummer, it keeps getting better. The tax-cutting bill signed into law in May expanded the write...