Word: bbl
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...Saudi Arabia has helped to make up for the loss of Iran's oil by boosting its own output nearly 30% to some 10.3 million bbl. a day, close to the maximum that it is presently possible to pump from the Saudi fields. Iraq, Nigeria and Kuwait have also increased production somewhat. Right now, total world production is off by about 2 million bbl. a day. That is roughly equal to about 4% of global petroleum consumption, or more than enough to supply all the daily needs of Britain or Canada...
...worse dislocations next winter. Usually, the oil companies draw down their inventories steeply during the winter months anyway, then use the spring and summer to replenish their stocks. But U.S. inventories are already 10% below what they were this time last winter; they now stand at some 298 million bbl., or about a one-month supply. So if Iran's production is not resumed soon, says Energy Secretary James Schlesinger, "we would face much larger drawdowns next winter than we will have the resources to maintain...
...emergency supplies from the Government's Strategic Petroleum Reserve, but the three-year-old program is a shambles. Construction work is far behind schedule at the massive underground salt domes along the Louisiana and Texas Gulf Coast, where approximately a one-month supply of oil, or 248 million bbl., is supposed to be stored by year's end. So far only about 80 million bbl. of crude-little more than a week's supply-has been stockpiled. What is more, Energy Department technicians are still struggling with technical problems regarding the seemingly elementary task of getting...
...behest of Ayatullah Ruhollah Khomeini, 37,000 militant Iranian oil workers and technicians had virtually closed down the country's production, reducing the oil flow from 6 million bbl. a day to a drip of 75,000 bbl. Last week, as if to demonstrate his absolute mastery, Khomeini ordered workers to allow enough crude production from the fields to satisfy Iran's 900,000-bbl. domestic needs-but no more. TIME Correspondent Dean Brelis visited the oilfields in the southern province of Khuzestan as militant workers returned to their jobs. His report...
...come in and negotiate logging contracts, and much of the wilderness has become overgrown with low-grade timber of little commercial value. The New England Regional Commission, an economic development group, puts the total energy content of the area's forests at the equivalent of some 3 billion bbl. of oil, roughly the proven reserves of the Middle East sultanate of Oman. Unlike oil, the forest is a renewable resource and could provide a significant fraction of New England's energy needs indefinitely...