Word: bbl
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...barriers to protect the prices of domestic oil and to limit imports. As for those future supplies that Reagan sees waiting to be drilled, the American Petroleum Institute says that if all the economically recoverable oil in the U.S. were being drilled, production would be increased by 4 million bbl. a day, only half of current import levels...
...taxes," he said. That move alone would increase revenues by $3 billion in fiscal 1981, but much of the increase would not really be new money, merely cash that the Government would collect more speedily than now planned. Far more important, the President will slap a $4.62 per bbl. fee on imported oil, a move that he can take without any new legislative authority. Motorists will pay an extra 100 per gal. for gasoline at the pump, probably beginning in May. The President presented this mostly as a conservation measure to prompt Americans to reduce their "extravagant...
...deficits, and 2) to the extent that a cutback in driving reduces oil imports, the U.S. will make itself less vulnerable to petroleum price increases that the OPEC cartel may decree. But the fee will not spur all that much conservation: a reduction of only 100,000 bbl. a day the first year, by Carter's estimate, in petroleum imports that now average 8 million bbl. a day. In order to prompt really significant conservation, a gasoline tax on the order of the 50?-per-gal. bite that Republican John Anderson has been proposing might well be required...
...main reason Banisadr wants the hostage crisis resolved is to concentrate his country's attention on Iran's economy, which is in desperate shape. Oil production, according to Western experts, is well below the government's official estimate of 2.7 million bbl. per day; construction is at a standstill; productivity has dropped by 80% in some large plants; tourism has vanished. Wages have been breed up by as much as 200% as the result of government decrees and worker militancy. The newly nationalized banking system is in confusion. Many Iranians fear their country could soon become little...
...lowered by eliminating the middlemen's profits, Kennedy jetted off to Algeria, but found no crude for sale. Later he approached Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani and Venezuelan President Luis Herrera Campins. Finally the Venezuelan oil company Petroven agreed to sell him nearly 1 million bbl. at the world price of $26 million. Chase Manhattan Bank provided the necessary credit line. A Puerto Rican refinery in the middle of bankruptcy proceedings agreed to refine the oil and transport it in return for a share of the refined products. The state of Massachusetts, using federal fuel...