Word: bbl
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...dangerously deteriorating economy, mounting internal strife, and growing international isolation. In his own address, Banisadr emphasized Iran's dire economic predicament. Inflation is running at an annual rate of 50%. Unemployment has risen to a third of the work force. Exports of oil, which once totalled 6 million bbl. daily under the Shah, have slowed to 700,000. Moreover, half of Iran's foreign exchange reserve of $15 billion is frozen in U.S. banks at home and abroad. Concluded Banisadr: "An Islamic republic may not remain idle in the face of these indescribable deprivations...
...electronics industry is equally jittery over the energy supply. Governor Brown has led a virtual moratorium on nuclear power plants. A host of technological problems has also blocked development of the 3.2 billion bbl. of heavy oil beneath the San Joaquin Valley. As a result, some companies are rapidly expanding into neighboring states, where land and labor are cheaper and energy supplies more predictable. Says Gordon Moore, chairman of the microchip front runner Intel: "Next year we'll have more employees in Oregon than in California...
...leader this time was Saudi Arabia, which unilaterally added $2 to the $26 per bbl. that it already charges. The largest OPEC producer argued that with worldwide demand for oil weak, such an increase would somehow restore "order and unity" to the crazy-quilt patchwork of global oil prices. Yet hardly had the Saudis acted than Libya, Kuwait, Iraq and the United Arab Emirates announced matching increases of their...
...synfuel legislation does nothing to ease the immediate OPEC squeeze, but its long-range effect will be important. Initially, Carter had called for a ten-year, $88 billion effort to construct a network of synfuel plants that could produce up to 2.5 million bbl. of crude oil per day out of coal, shale rock and tar sands. That would enable the nation to cut its projected consumption of imported oil about one-third by 1990. The House-Senate conferees accepted the ultimate goal of the program as set by the President but slowed the pace of spending. Instead...
...biomass energy, such as that derived from turning municipal garbage into fuel. Finally, the bill included a provision to fill the National Strategic Petroleum Reserve. For months the Department of Energy has delayed buying oil for the reserve largely because of opposition from Saudi Arabia. The 750 million-bbl. stockpile of oil would be used in case of another cutoff of petroleum from the Middle East...