Word: bbl
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...Canada, Japan, West Germany, France, Britain and Italy * To replenish low U.S. stockpiles, in May the Carter Administration announced a "temporary" subsidy of $5 per bbl. for companies that import these products...
Forty dollars a barrel for oil? With the official world price at $14.55 per bbl, the notion sounds incredible. But not to oilmen. Items: when the Persian Gulf sheikdom of Abu Dhabi two weeks ago offered a shipment of high-grade, low-sulfur crude for sale at $40 per bbl., it found an immediate and eager buyer in Japan; Ecuador had no trouble getting $36 per bbl. in a sale of its own; Standard Oil Co. of Indiana admits difficulty in scraping up supplies for less than $35 per bbl. anywhere...
...cost of mankind's most important energy resource by 14.5%, gravely inflaming global inflation. Worse, surging demand has enabled the OPEC nations to tack on one premium and surcharge after another, raising the actual price for most grades by as much as 30%, to $17 or more per bbl. Next week such cartel militants as Iran, Algeria and Libya will press for an additional jump of at least 40%. To make the extortionate price stick, Iran's oil chief, Hassan Nazih, declares that Iranian production, which is now little more than half its prerevolutionary 6.5 million bbl. daily...
...with a raise of a mere 20% to 25%, arguing that this will remove the need for premiums and surcharges. But only a sharp increase in production will accomplish that, and so far the Saudis have given no sign of being willing to boost their output of 8.5 million bbl. per day by more than 500,000 bbl...
...House Banking Committee has already approved a less ambitious partnership plan of its own. Its bill, an amendment to the Defense Production Act of 1950, would permit the Government to become the buyer of last resort for up to 500,000 bbl. daily of oil from coal, shale and other alternative sources. That would amount to about 8% of current U.S. imports. For now, the synthetic fuel is too expensive to compete with OPEC crude, but the Government's guaranteed market for the product would encourage companies to invest and get the new industry off the ground...