Word: bbl
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...more serious danger is that the country may slide into anarchy. Government forces have been barely able to suppress uprisings by rebellious Turkoman and Kurdish tribesmen in the northern provinces. Although petroleum production rose above 4 million bbl. a day last week, the oilfields around Ahwaz are still largely in the hands of dissident workers' councils, which have held numerous sit-ins to protest low wages and poor working conditions. Some 3.5 million Iranians (one-third of the work force) are unemployed; thousands of them milled around the ministry of labor in Tehran last week, demonstrating for jobs. Meanwhile...
...sharpest attacks are against the package's two most important parts. They are to phase out domestic oil price controls beginning in June, and to bring in a "windfall profits" tax. Scrapping controls will allow U.S. oil prices, which average about $9.45 per bbl., to rise during the next two years to the cartel-set world level, which already stands at a minimum of $14.55 and is certain to climb still higher. The oil companies would get an extra $6.5 billion in earnings annually from decontrol, but about half of the money would be taxed away. The Government would...
...will be. Nor is it entirely clear just how much decontrol will increase domestic oil production. By Administration reckoning, the gradual phase-out of controls should encourage companies to pump more and more oil from their wells until, by 1982, production reaches an additional 700,000 to 800,000 bbl. daily (the U.S. now uses about 19 million bbl. per day). That would displace an equivalent amount of imported oil, but energy demand throughout the economy would itself be growing. In effect, increased production from existing wells would do little more than keep pace with rising imports...
...Voluntary driving cuts. The President asked each of the nation's 138 million licensed motorists to drive 15 miles a week less than they do now. The fuel savings could total 413,000 bbl. of oil every day. That is nearly half the amount of oil consumption that the U.S. pledged to cut during 1979 as part of a coordinated conservation drive by the 19 member-nations of the International Energy Agency...
...setting strict deadlines for processing applications. He also said that the Administration would take action to slice through the bureaucratic barriers that have bogged down plans by Standard Oil of Ohio for a pipeline to carry Alaskan oil from California to Texas. The pipeline would enable some 350,000 bbl. per day of Alaskan oil to reach Eastern markets, thereby displacing the need for an equal amount of imports...