Word: bbl
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...East, it hardly seems the time to put energy on the back burner. Yet just when Jimmy Carter should be pushing hardest to cut consumption and conserve supplies, he seems to be taking a surprisingly soft approach. Not only has the Administration shelved plans to levy a $5 per bbl. tariff on foreign crude, but it has also backed off from calling for a steep new gasoline tax of perhaps 50? a gal. The tax had been urged by John Sawhill, Deputy Secretary of Energy, and supported by Treasury Secretary G. William Miller, Chief Presidential Economist Charles Schultze and James...
...John Lichtblau, executive director of the Petroleum Industry Research Foundation, "1979 would have been a normal year." The strikes that accompanied the revolution shut off Iranian production completely early in the year. Though output resumed in March, it ran most of the time at no more than 3.5 million bbl. a day?little more than half the level under the Shah. Khomeini made it clear that no more could be expected. In fact, Iranian output has dropped again in recent months, to around 3.1 million bbl. a day. Oil Minister Ali Akbar Moinfar says it will go down further because...
...wheels of industry turning, and to build stockpiles to guard against the all-too-real prospect of another shut down in Iran or a supply disruption somewhere else. The lid came off prices with a bang. OPEC raised prices during 1979 by an average of 94.7%, to $25 a bbl.?vs. $12.84 a year ago and a mere $2 in 1970. Moreover, oil-exporting nations shifted a growing proportion of their output to the spot market, where oil not tied up under contract is sold for whatever price buyers will pay. Before the Iranian revolution, the spot market accounted...
Besides stricter conservation, one vital policy for the U.S. is to boost the use of coal and the production of syntheic fuels, including shale oil. The U.S. could be producing as much as 6 million bbl. of "synfuels" a day by 1990, equal to about 75% of all current imports. Jimmy Carter wants the financing for his own more modest synfuels program to come from his proposed windfall profits tax; it would be levied on the increased revenues that U.S. oil companies have been earning since price controls on oil began to be phased out last June. But Congress must...
...rack men's suits, the 25? Hershey bar and the $3.50 martini. Millions of Americans had to postpone their dreams for a home of their own; the average price of a few-frills new house surged from $59,000 to $65,000. Crude oil spurted to $45 per bbl. on the spot market, and gasoline sold for up to $1.28 per gal. at the pump...