Word: bbl
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...North Sea drilling operation off Scotland last year decided to sell out, Hunt Oil purchased his 15% interest. "In the space of one week we bought in and were drilling," boasts Ray. The drills promptly struck a major pool estimated to contain as much as 500 million bbl. Says one crusty Texas oilman: "Dammit, he's got his father's luck...
...breathing space for the manufacturers, who soon will be hit by costly new federal energy-saving regulations. A Federal Energy Administration study shows that air conditioners account for 7% of the electricity used in the U.S. The FEA estimates that air conditioning uses up the equivalent of 1 million bbl. per day of oil, or 2.5% of the U.S.'s daily energy consumption. More than 70% of all new homes built in the U.S. now have central air conditioning, and 53% of all older homes have at least one room unit. Air conditioners rank behind only space and water...
...consortium of eight oil companies, hopes to rebuild the station by mid-September, after which cold weather will make repairs virtually impossible. Otherwise, it would have to delay for another ten months the goal of increasing the pipeline's flow to its initial capacity of 1.2 million bbl. per day. That could cause financial problems for the state of Alaska; it has been counting on taxes from the pipeline, which are determined by the amount of oil actually moved, to finance 60% of its $1 billion current budget...
...Texas, Louisiana, Oklahoma and Kansas. Operators are squeezing more oil out of those areas through "step-out" drilling-boring wells just beyond old ones or sinking them deeper In central Oklahoma's heavily drilled East Guthrie field, eleven new step-out wells now produce more than 10,000 bbl...
...reaction of Democrats has been equally pained. After assessing the President's energy plan, Rivlin announced that the Administration's estimates of what the program would accomplish were "overly optimistic." For example, the CBO found that savings on oil imports would be closer to 3.5 million bbl. daily by 1985 than the 4.5 million bbl. projected by the President. Said Rivlin: "There's been a lot of talk of sacrifice, but one just doesn't see it here...