Word: bbl
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OPEC could be poised for a further jump in prices. Production from Iran hovers at about 4 million bbl. daily, or approximately two-thirds its prerevolutionary output. But violence is flaring once again among oilworkers in the fields of Khuzistan. If the trouble results in even a modest drop in exports, that could send prices shooting into orbit...
...case when the cartel meets in Geneva on June 26. One possibility being urged by both Saudi Arabia and the United Arab Emirates: dumping the bewildering hodgepodge of existing prices and settling on a single figure for all members, perhaps at a new level of $17 to $18 per bbl. Doing so would be coupled with a pledge by members not to add on additional premiums and surcharges. That would seem merely to ratify the cartel's unilateral increases since April, with no assurance to importing nations that a new spiral would not start almost immediately...
...four expendable sources: oil, natural gas, coal and uranium. Each suffers one or more environmental, safety, cost or supply disadvantages. The International Energy Agency estimates that this year, even without new crude production cutbacks by OPEC, the worldwide supply of oil could fall short of demand by 2.3 million bbl. a day. The U.S. is particularly vulnerable, since it accounts for 19 million bbl. of the total demand of 60 million bbl., and uses about 60% of all the gasoline burned in the industrial countries...
Shale. In a 16,000-sq.-mi. area where Colorado, Utah and Wyoming meet, vast deposits of shale hold an estimated 1.8 trillion bbl. of oil, roughly 60 times the nation's proven reserves of liquid petroleum. Shale is a hard rock, light gray to charcoal in color, that contains a solid organic material called kerogen. When heated to temperatures as high as 900° F, it breaks down into oil and gas. The richest shale deposits yield up to 2 bbl. of oil per ton. Not all shale is recoverable, but it could contribute...
...Congressional Caucus study optimistically forecasts that 50% of Maine's energy needs could be met by wood in the mid-1980s. Also, about 150 paper and pulp plants burn wood commercially, each producing an average of 500 kw of electricity for local industry, thus saving about 5 million bbl. of oil per year...