Word: bbl
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...country's petrochemical future contains several other question marks. The most troubling is crude oil supply. In 1985 the petrochemical industry will need approximately 330,000 bbl. per day of oil. Estimates of China's total reserves vary from a respectable 20 billion bbl. to a Saudi-like 100 billion bbl. or more. But much of this lies offshore, where production is still five to ten years away. More easily exploitable onshore fields are no longer yielding the once steady 10% production increases. Last year the increase...
...more oil than Saudi Arabia. It turned out that he was comparing oil already discovered in Saudi Arabia with oil that might someday be found in Alaska ?and even on that basis he got the figures wrong. The highest guess for possible Alaskan reserves is 100 billion bbl., of which only 9.6 billion bbl. are considered proven reserves. Saudi Arabia has 200 billion bbl. in proven reserves alone, and perhaps as much as 530 billion bbl. in possible reserves...
...measure in President Carter's energy program by adopting a $227.3 billion windfall-profits tax on oil companies. This tax is part of the phased decontrol of oil prices. By allowing the controlled U.S. price to rise to the world level, which now averages $30 per bbl, the Administration hopes that energy consumption will be reduced and domestic production increased. The President is expected to sign the bill later this month...
...could they? Herbert Stein, chairman of the Council of Economic Advisers under President Nixon, six years ago collaborated with his writer son Benjamin on a novel called On the Brink. It describes the aftermath of an OPEC price increase to the then incredible level of $38 per bbl. The populist Federal Reserve chairman decides to help the President, plagued with 25% inflation, by printing money night and day. The result: Coca-Cola sells for $1,350 a sixpack, short cab rides cost $6,000 and wheat is $5 million a bushel. Soon violent rioting breaks out, and thousands...
...fact, such an apocalyptic outcome seems to be highly unlikely, at least any time soon. But the oil price surge of 1979, which has sent the worldwide cost of crude leaping by more than 100%, to $30 per bbl., is placing unexpected new pressure on international banking and financial institutions...