Word: bbl
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...downfall of the Shah of Iran: an absolute monarchy, a rapid pace of development, a large foreign military and industrial presence, and the potential for a troublesome insurgency. And oil. While hardly in the class of Saudi Arabia, Iraq or Iran, Oman does produce about 350,000 bbl. per day, with an income of $1.2 billion a year. It is the twelfth largest oil-producing nation in the world, and at its present rate has proven reserves for nearly half a century...
...insist that the problem is mainly the result of OPEC members' decision to prop up high oil prices by reducing exports. Because oil shipments from Iran take about two months to reach the U.S. market, the loss caused by the shutdown during the revolution-about 700,000 bbl. per day-did not affect American consumers until March. The American Petroleum Institute estimates that the U.S. now is short as much as 1 million bbl. of imported oil per day. Iran resumed exports in March, but this oil will not show up in American petroleum markets until late this month...
...hold down domestic prices, the Department of Energy urged oil companies not to buy crude on the spot market, where prices are up to $12 higher than the world average of $18 per bbl. There is some debate among oilmen over the degree to which this policy affected supplies. In any event, because of a change in DOE policy last week, the companies are now free to buy on the spot market, though several of them are reluctant to do so until the Government assures them that they can pass the extra costs on to consumers...
Another threat is OPEC. Some of the economists expect the oil cartel to go on raising prices from the present average $16.40 per bbl. to about $18 by year's end. Higher fuel costs would both fan inflation and be an added tax on Americans' disposable income, thus prolonging the recession. Otto Eckstein, chief of Data Resources Inc., the economic analysis firm, favors putting a strict limit of 7 million bbl. per day on petroleum imports, which now average about 8 million bbl. daily; mandatory limits would probably result in gasoline rationing. Okun and other board members would...
...slow. This inefficiency and waste of energy by motors could soon be eliminated, according to Exxon Corp. Last week the world's largest oil company announced with much fanfare that it has developed a new electric energy technology that could save the U.S. the equivalent of 1 million bbl...