Word: demands
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Dates: during 1970-1979
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Panic buying has given producing nations tantalizing inducement to raise their long-term contract prices. On the open or "spot" market, where the small percentage of oil not sold under contract is available, frenzied demand has sent prices up to more than $23 per bbl. Further whetting OPEC greed, Britain has boosted its price for North Sea oil by 2% above the cartel level...
Little relief is in sight on the supply side. Of the 5.8 million bbl. of Iranian oil lay lost to the world, about 900 000 bbl normally come to the U.S. and provide 5% of its daily demand for 19.4 million bbl. Extra production by Arab countries has cut the oil deficit to 2 million bbl. per day globally and 500,000 bbl in the U.S. Saudi Arabia, for example, which is committed to pumping 8.5 milion bbl. per day, is now producing 9.5 million bbl. But the Saudis are tacking a 9% premium on that extra 1 million...
...moderate some antipollution regulations. The American Petroleum Institute estimates that the extra crude required to make unleaded gas for new cars with catalytic converters amounts to 140,000 bbl. per day, and the Department of Energy figures that yet another 500,000 bbl. will be added to daily demand if the next legally mandated reduction in gasoline additives goes through as scheduled in October...
Restrictions on strip mining will make it nearly impossible for the nation to meet Carter's goal of doubling production of coal to 1.2 billion tons a year by 1985. Demand for America's most plentiful fossil fuel is also being held down by expensive and rapidly changing regulations on the burning coal. Energy Department has tended to promote the use of coal,while the Environmental Protection Agency has been inclined to retard it. Nuclear power development has slumped. A major reason: complex and long-drawn-out regulatory studies and hearing give vocal minority a devastatingly effective forum...
...same time, the U.S. has not fully exploited its domestic oil. Alaska's daily output could be increased from 1.2 million bbls. to 2 million, but there is not enough demand for the extra oil on .the West Coast and it cannot be transported east easily or economically. The Jones Act requires that the oil be shipped on U.S. vessels and that jacks up the price to unacceptable levels. A pipeline to carry the oil across the country has been stymied for six years. Initially the problem was just to get the necessary 700 federal state and local permits...