Word: bbl
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...will pass over or under 800 streams and rivers, including the Yukon. It will rise 4,800 ft. into the Brooks Mountain Range, swoop down east of Fairbanks, rise 3,300 ft. in the Alaska Range, and eventually drop into half-million-bbl. storage tanks in Valdez to await loading on tankers. The trip will take a month, longer if trouble turns up. But if all goes well, an uninterrupted ribbon of oil-9 million bbl. just to fill the pipeline-should stretch across the Alaskan tundra by mid-July. The flow will be stepped up gradually, reaching...
That would be enough to cut U.S. dependence on foreign oil by 14%-assuming all the oil is used in the U.S.-and reduce the nation's bill for imported crude by $6 billion in 1978. Currently, the U.S. uses 17.2 million bbl. daily, of which slightly more than half is imported. The proven reserves of Prudhoe Bay are 9.6 billion bbl., enough to keep the pipeline busy for 20 years. The line will not be formally dedicated until Oct. 8, when it will be in full operation and a number of tankers will have been loaded...
...refiners had to devote more of their production than usual to heating oil during the icy winter. But now only a few spot shortages of unleaded fuel are possible. On June 3, at the start of the warm-weather driving season, national inventories of motor fuel totaled 257 million bbl., 38 million bbl. more than a year earlier, and driving has not been increasing much. During the first four months of 1977, drivers used only 1.9% more gasoline than they did during early...
...large part from a schism among the 13 members of the Organization of Petroleum Exporting Countries. At their December meeting in Qatar, the cartel broke into two warring camps (TIME, Dec. 27). Eleven members, led by Iran and Iraq, raised their prices by 10%, to an average $12.70 per bbl. (v. $2.30 per bbl. in pre-embargo 1973); they also agreed to hike prices a further 5% on July 1. But the Saudis and their allies, the United Arab Emirates, arguing that higher fuel costs would hamper the recovery of the industrialized world, raised their prices by only 5%. Today...
...remain a couple of percentage points below the posted 10%. Now, as warm weather reduces heating-oil demand, the world oil market has softened somewhat, making price more important than ever. As a result, Saudi and Emirate sales have been soaring; Saudi output, averaging 10 million bbl. per day, has increased more than 15% since last year. A fire at an Aramco facility has temporarily crimped Saudi performance. Still, the big losers in the price competition have so far been Iran, whose production last month fell 16%. to 5.41 billion bbl., and Iraq, whose output is nearly one-third below...