Word: bbl
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...flash and dazzle of its remarkable development projects, Saudi Arabia remains a feudal monarchy. Slavery was not outlawed until 1962. Murderers are still beheaded and adulterers stoned to death under Islamic law. Yet thanks to a gift of Allah?proven reserves of 150 billion bbl. of petroleum bubbling underneath the hot desert sands?this extraordinary nation is hurtling in a blink of history's eye from a medieval past toward the 21st century...
...rerouted daily through the Panama Canal to the Gulf or East Coast ports at additional costs of more than $1 million. And although independent California oilmen are protesting a surplus that has forced them to close, or "shut in," some wells, the West Coast continues to import 400,000 bbl. a day from Indonesia...
This bizarre situation has been caused by a combination of bad planning, bureaucratic bungling and environmentalist zeal. Contrary to the expectations of oil companies when the Alaskan pipeline was proposed, the West Coast states just cannot use all the North Slope output of 1.2 million bbl. a day, primarily because energy-saving measures have cut anticipated demand. A federal oil-pricing scheme has further reduced the use of California's own oil within the state...
...average out the prices that all refineries around the nation paid for oil; that way, refineries (and voters) in the East would not suffer much higher oil prices because of their larger dependency on imports. In practice, refiners in California can buy local oil at roughly $4 a bbl., but they have to send between $4 and $8 a bbl. into a federal pool, which Eastern refiners draw on to buy expensive OPEC oil. Consequently, refineries have to pay about the same for California oil as they'do for imports-or not that much less. Few buyers want...
...fact, there are several surpluses, amounting daily to some 500,000 bbl. of Alaskan crude, which must be shipped through the canal; at least 100,000 bbl. of California crude, which is shut in; and 50,000 bbl. of residuals. Jimmy Carter is considering federal action to ease the glut...