Word: bbl
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...jurisdiction.-The decision, written by Associate Justice Sandra Day O'Connor, involves 29 tracts, totaling 165,000 acres, in the Santa Maria basin off the California coast between Morro Bay and Point Conception, northwest of Santa Barbara. Geologists have estimated there may be as much as 1 billion bbl. of oil in the entire basin. The sections had initially been freed up for lease by the Interior Department in 1981. But California managed to block the proposed arrangement on the ground that the Interior Department had refused to determine whether the leasing met the state's stringent environmental...
...decision was a victory for the Reagan Administration and oil interests. Both have been seeking quicker access to the vast wealth of the continental shelf, an estimated 44 billion bbl. of oil, nearly half again as much as all proven reserves. (The U.S. gets about 10% of its domestic production from offshore wells.) However, Clark immediately moved to reassure the coastal states and environmentalists. Under his stewardship, he said, the Interior Department will seek to avoid the battling that characterized the offshore-leasing program in the past, even while it continues to pursue essentially the same pro-development policies...
That Pennzoil-Getty accord, though, drew the attention of Texaco, based in White Plains, N.Y., which has also been looking for new supplies of crude oil. Texaco's total petroleum pool shrank 25% between 1979 and 1982, to about 1.9 billion bbl. With the addition of Getty's supply, Texaco's reserves would double...
...disintegration. Within three weeks, a price war erupted, led by Britain and Norway, two non-OPEC producers, and Nigeria, an OPEC member. Finally in March, after a twelve-day session in London, the bickering band of OPEC ministers agreed to slash their bench-mark oil price from $34 per bbl. to $29, the first cut in the group's 23-year history...
...companies after 1973 increasingly took their production orders from the Saudis. In fact, 1977 was possibly the last year that the oil companies could have influenced the price of oil by regulating the Saudi supply. In any case, Baxter noted that Saudi oil production has fallen to 5 million bbl. daily from its peak of 10 million, so that "control over Saudi production alone may no longer be sufficient to affect the price...