Word: bbl
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...about the world's most effective cartel, the Organization of Petroleum Exporting Countries. OPEC representatives will meet in Geneva two days before the Tokyo assembly begins, and they will almost certainly approve yet another hike in the posted price for crude, which now averages $17 per bbl. Some Administration officials have been arguing for a tough line against OPEC, and believe that the U.S. should even use economic clout to arm-twist other industrial countries into endorsing it. Carter himself, however, is inclined to what is described as a "firm but friendly" stand toward OPEC, and prefers what...
...shared problem of energy will not come easily, however, because national and regional differences abound. First, relative dependence on imported oil varies widely, from Japan's virtually total reliance to Canada's relative self-sufficiency. So does consumption: Japan and Italy thriftily burn only about 16 bbl. per capita a year, while the U.S. devours a profligate 30 bbl...
...keeps coming up with fresh schemes for paying the money? That seemed OPEC's view, as its secretary general, Rene Ortiz of Ecuador, declared last week that he would like an increase of at least 25%, to a new base of $20 per bbl., when the cartel meets in Geneva on June...
...heating oil subsidy also undermined the U.S.'s pleas for unity among the oil importing nations. Last week Energy Secretary James Schlesinger said that the U.S. has met its pledge to the 20-nation International Energy Agency in Paris to cut consumption of petroleum by 1 million bbl. daily. But the reduction has been caused largely by the lack of gasoline, which Schlesinger's department is struggling to correct...
...consumption in Japan, which grew last year by only 1.5% because of slack in its economy, is now climbing at 5% annually. Japanese officials expect a supply shortfall of perhaps as much as 5% by midsummer. Even Britain, whose oil output from the North Sea is already 1.5 million bbl. daily and climbing rapidly, is experiencing sporadic but spreading shortages at the pump. Last week West Germany as well suffered its first gasoline delivery cutbacks...