Word: bbl
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Imports are expected to pick up rapidly during the rest of this year and reach new records in 1979, above last year's peak of 8.7 million bbl. a day. These projections have not been lost on the OPEC nations. Although they agreed to continue the cost of crude oil at its present $13 per bbl. when they last met in June, there have been signals from OPEC oil ministers that they may meet again as early as next month to jack up the price about 5%. To the present $42 billion cost of the U.S.'s annual...
North America. In response to severe criticism of U.S. energy profligacy, Carter made two important promises-to raise oil prices in the U.S. to world levels by 1980 and to reduce U.S. oil imports from a projected level of 11.5 million bbl. a day to 9 million bbl. by 1985. Congressional opposition to tax increases on oil will make that difficult. On the other hand, oil imports in this year's first half declined to 7.8 million bbl. a day-almost a 13% drop from the same period in 1977 -because conservation is working, and oil is arriving from...
...Government set up a two-tier price structure that established a low rate (now $5.34 per bbl.) for old oil already in production and, as an incentive for exploration, a higher price (now $11.87) for new finds. Under near wartime security in Houston, the Justice Department and six FBI agents are looking into charges that oil companies camouflaged the origins of old oil and sold it as new crude...
Estimates of the total old-to-new switch range from 100,000 to 500,000 bbl. a day, with illegal profits running at around $6.50 per bbl. The mechanics of the switch are easy: all oil looks the same, and it is just a matter of falsifying paper work to hide its origins. The risks of being caught have been small-up to now. As one federal investigator told TIME Correspondent Rudolph Rauch: "All an oil guy had to do was look at the enforcement procedures and laugh...
Independent oil brokers in Scotland, who claimed to have received reports directly from the rigs, said that the field could contain as much as 13 billion bbl., nearly as much as Alaska's North Slope. By comparison, Britain's North Sea fields are thought to contain anywhere from 19 billion to 30 billion bbl...