Word: bbl
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...both President Carter and his Energy Secretary, James Schlesinger, continue to insist that the oil companies cannot be trusted to put the nation's interests ahead of their own. They argue that domestic oil prices, which are today set at a Government-regulated price of about $8.52 per bbl. as a result of complex price regulations, must be allowed to rise to a world level of about $13.50 in order to discourage consumption and give the oil companies added incentive to explore for fresh petroleum sources inside the U.S. But they are convinced straightforward deregulation will amount to nothing...
...injecting high-pressure steam or liquid chemical solvents to dissolve the crude from tiny fissures in the rock. Some drilling experts calculate that the recovery rate could be increased to 60%, which would almost double U.S. recoverable reserves. The market price would be high-$14 to $20 per bbl.-but it might be reduced by technological breakthroughs...
...also has by present estimates more than 1.8 trillion bbl. of oil locked in shale in the Rocky Mountain states-about 15 times the nation's estimated potential reserves from conventional sources. Burning the oil out of the shale-the most promising method-would require a market price of perhaps as much as $25 per bbl. to make it profitable. Yet even at the present average U.S. price of $11.50 per bbl. for newly discovered domestic oil, Ashland Oil and Occidental Petroleum last month were given federal approval to begin development of a joint shale-oil project in western...
Perhaps another 2 trillion bbl. of oil is thought to lie in the great deposits of goo known as tar sands, much of which are in Canada. At present world prices, they are on the verge of becoming economical to develop. Two plants are already extracting oil from tar sands in Alberta's Athabasca fields, and Shell Canada plans to spend $4 billion for a third plant, which will start producing in the early 1980s...
...centerpiece of the Carter program is a plan to raise U.S. oil prices, presently averaging $8.52 per bbl. at the wellhead for domestic oil of all price categories, up to the OPEC-set world level of about $13.50. This would be done by imposing a tax on producers at the well. Then to soften the blow to the economy, the Government would give back most of the money to consumers in the form of rebates...