Word: bbl
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...name in a press conference and then in a speech in the rotunda of the Maine capitol building in Augusta. Voice booming, face flushed, fists pounding the lectern, Mondale accused Hart of siding with Big Oil (by voting against the windfall-profits tax and proposing a $10 per bbl. fee on imported oil that would "add at least a full percentage point" to the inflation rate) and of pleasing "the hospital lobby" (by helping to kill a 1979 hospital cost-containment bill). Hart, on a Southern swing, blasted back that his oil-tax ideas were intended to reduce U.S. dependence...
Saddam Hussein's scare tactics have had some of the effect he wanted. Japan held several of its tankers outside the fighting area until it could find out what was happening. The spot price of oil on the world market rose as much as 600 per bbl. but later settled back. At Lloyd's of London, nervous insurance underwriters met two or three times a day to assess the situation. They did not raise their rates significantly, but all this could change overnight if attacks on tankers should begin in earnest...
...crucial a sea-lane as it was in the 1970s when up to 60% of the world's oil supplies moved through its waters. Today that figure is considerably smaller. Indeed, Iran would have the most to lose if shipping were interrupted: it currently exports 2.6 million bbl. per day through the Strait of Hormuz. That crude is expected to bring Iran more than $24 billion this year, half of which would go to finance Iran's war with Iraq...
...industry that normally plans on a 15-to-20-year schedule. The world of energy economics, though, was about to change. After the second oil shock, in 1979, which followed the overthrow of Iran's Shah, the price of OPEC crude reached as high as $40 per bbl. Energy consumers reacted to the staggering prices by conserving fuel in a way that had never been imagined. Demand for electricity increased by only 1.7% in 1980 and .3% in 1981 and actually shrank 2.3% in 1982. That was the first decline in power use since the end of World...
Under Watt, many of these concerns were either ignored or minimized. Interior officials liked to point out that natural underwater seeps off California's Coal Oil Point, near Santa Barbara, alone released at least four times as much oil as the 5,700 bbl. spilled annually in offshore production within U.S. waters. In July 1981, as a matter of highest national priority, Watt announced a program to lease nearly all of the outer shelf, a total of a billion acres, in five years. He offered up huge tracts (as much as 40 million acres at a time...