Word: bbl
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...Minister, Sheik Ahmed Zaki Yamani, is also reported to have told British Foreign Secretary Lord Carrington that Saudi Arabia would soon reduce oil production. Although Yamani did not specify the amount of the cutback, he has previously indicated it might be from the current 9.5 million bbl. per day to 8.5 million bbl. per day. For about a year, the Saudis have kept their petroleum output high in an attempt to hold down world energy prices. So far, their efforts have been successful; world crude inventories are at record levels. Any Saudi cutback would likely mean some tightening of world...
...Congress began phasing out price controls on natural gas, and in 1979 the Government started a gradual decontrol of crude-oil prices. The cost of oil and gas immediately increased, but the initial production results are impressive. U.S. oil output will rise by 2% this year, from 8.5 million bbl. per day to 8.7 million bbl.-marking only the third increase in a decade. The additions to natural-gas reserves grew by 35% last year, the largest jump in twelve years...
...playing it conservatively by erecting rigs in areas of known oil and gas availability rather than "wildcatting" in new regions. They have found that profits are the same and success more certain with "in fill" wells, which are drilled between existing pumps, or smaller "stripper wells," which produce 10 bbl. or less per day. Explains Charles DiBona, president of the American Petroleum Institute: "A well that might have been abandoned before, because there was not enough oil to make it commercial, now will be completed because of the higher price...
...well in Mississippi that was 23,154 ft. deep. The results from wildcat wells, though, no longer match those enjoyed in the halcyon days of great American oil discoveries. The output of oil, or an equivalent amount of gas, discovered in new wildcats has declined from more than 350 bbl. per ft. of drilling in the late 1940s to less than 50 bbl. per ft. today. Says John D. Haun, petroleum geologist at the Colorado School of Mines: "We will have to drill many more wildcat wells to come close to finding as much oil as we found...
...Autos create employment for almost one in five American workers. The industry uses 60% of the country's synthetic rubber, 50% of its malleable iron, 33% of its zinc, 25% of its steel and 17% of its aluminum. Motor vehicles also consume nearly 40% of the 6.7 billion bbl. of oil used in the U.S. every year...