Word: bbl
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...poor relation has something that its wealthy uncle needs badly: a large and dependable supply of oil and gas. Two weeks ago, the Congressional Research Service reported that Mexico's energy supplies rival those beneath the sands of Saudi Arabia. Mexico has proven reserves of 40 billion bbl. and estimated potential reserves of 200 billion bbl. By comparison, Saudi Arabia has known reserves of 166 billion bbl. If the U.S. could eventually shift its oil dependence closer to home and away from the volatile Arabian Gulf that now satisfies about a third of U.S. imports, the country...
Unexpectedly, there is at last the prospect of a solution. It is based on the huge underground sea of oil and gas that stretches north along the Gulf Coast from the swampy, humid jungle of Chiapas. Oil is now being pumped at a rate of 1.5 million bbl. per day. The annual income ($8 billion by 1980) is being used to expand Mexico's petrochemical plants and to build up Mexico's other industries. Over the short term, however, Mexico's plans for economic development will require exporting more textiles and other manufactured products-and unemployed workers...
...Iraqi President Ahmed Hassan Bakr, 64, has been quietly moderating his government's foreign policy even as he modernized his country's landscape. Last week TIME's Cairo bureau chief, Dean Brelis, visited Iraq, a California-size country of 12 million people, with 34,500 bbl. in proven oil reserves. His report...
Until now the Administration has given the impression that the U.S. could ride out the loss of Iranian oil without mandatory cutbacks until late spring or summer. The 900,000 bbl.-a-day shortfall in crude supplies resulting from the Iranian shutdown has so far been made up by increasing imports from other countries and drawing down domestic reserves. But Schlesinger said that the Government would move more quickly than expected to cut consumption so that stockpiles for next winter can be replenished over the spring and summer...
...jumps in cost, and that is exactly what is now happening on the so-called spot market. There, oil companies bid for any available crude that is not already committed to customers under long-term contracts. Though the quoted long-term OPEC price currently stands at about $13 per bbl., spot-market oil last week was trading for as much as $17 per bbl. Warns Energy Economist John Lichtblau of the Petroleum Industry Research Foundation: "The OPEC countries are free to adjust their prices if they want to, and they could well increase them so that not only will spot...