Word: bbl
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...drugstores, cable television franchises, office towers and oil-drilling leases. Just last month Hiram Walker-Consumers Home Ltd. of Toronto paid more than $600 million for about 60% of Denver Wildcatter Marvin Davis' oil empire, including wells in Wyoming, Oklahoma, Louisiana and Texas that daily produce 4,000 bbl. of crude and 40 million cu. ft. of natural...
...since 1976, when a nosy investigative reporter helped close down the Chicken Ranch, the famous brothel celebrated in the Broadway musical The Best Little Whorehouse in Texas. But now La Grange has a different kind of natural resource: "Chicken Ranch No. 1," an oil well that is producing 107 bbl. of low-sulfur crude...
...economists are cautiously optimistic about the near-term energy outlook. France's Chevalier, an energy expert, sees no significant increases in world oil prices during 1981 beyond those following the OPEC meeting in Bali two weeks ago. Though the Persian Gulf war knocked out 2.9 million bbl. per day from Iran and Iraq, according to Chevalier's figures, other OPEC members, including Saudi Arabia, Kuwait and the United Arab Emirates, increased output to ease the shortfall. Oil importers are also being helped by increased production in Mexico, the North Sea and other non-OPEC areas. Moreover, conservation...
Chevalier, however, fears that any petroleum price relief may well be temporary. He agrees with reports by the CIA and others that oil output in the Soviet Union, the world's largest producer, is peaking. Until now, the Soviets, who pump more than 11 million bbl. per day, have been able to satisfy their own needs and those of their Communist allies. But the antiquated condition of Soviet drilling equipment, a situation that has been made worse by the U.S. embargo on high-technology exports to the Soviet Union, has delayed the development of new oil deposits...
This situation of relatively easy oil will not last indefinitely. Two weeks ago, an Iranian air attack against installations near Kirkuk knocked a key pumping and distribution center As a result, oil has stopped flowing through two of Iraq's four pipelines, reducing exports by almost 1 million bbl. a Saudi Arabia is also threatening to its production and send oil prices $50 per bbl. Oil Minister Yamani is demanding that world energy companies carrying heavy stocks start them down faster and that West nations stop squirreling more oil away strategic reserves. Indeed, the Saudis prod Western countries...