Word: bbl
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...talks was oil. Venezuela has cut its shipments to the U.S. by about one-third in a conservation program. The country's reserves are due to run out by the end of the century. Today Venezuela accounts for only 41½% (88 million bbl.) of total U.S. oil imports, the lowest level in 30 years...
...Saudis have more oil than even the present figures on proven reserves (110 billion bbl.) indicate. Last year Saudi Arabia passed the U.S. to become the world's second largest oil producer, and this year it may overtake the Soviet Union to become No. 1. Even so, as the country's suave Oil Minister, Ahmed Zaki Yamani, told TIME Correspondent Wilton Wynn, "In the past year we discovered more oil than we produced. In the future, we will double our reserves." At present the country is producing about 9 million bbl. a day, but Frank Jungers, chairman...
...pipe are flexible enough to withstand earthquakes that register 8.5 on the Richter scale-greater than the devastating 1964 Alaska quake that destroyed 30 blocks of downtown Anchorage. The entire system can be shut down in ten minutes if the pipeline breaks. A maximum of 50,000 bbl. can spill; valves at various intervals can be turned to stop the flow...
...annually if the U.S. economy continues to recover. The companies with the largest stake in the pipeline would be Sohio, Arco and Exxon. Already, seven of the eight consortium companies have filed proposed shipping charges with the Interstate Commerce Commission. They are stiff, ranging from $6.04 to $6.44 per bbl. just to get the crude from Prudhoe Bay to Valdez...
...complained to the ICC that the charges could be as much as $2 too high. If the commission orders a cut, it would benefit not the consumer but the state of Alaska. The consumer will probably wind up paying the same price as for imported oil, now $13.50 per bbl. If the pipeline tariff goes down, the companies that own the line can make up most of the difference by paying their producing subsidiaries a higher price at the wellhead to pump the oil out of the North Slope. And their arrangement with the state declares that the higher...