Word: bbl
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...malusage so that in each decade-the '50s and the '60s-the world consumed more than had been used up in all previous human history. Oil production should peak out around the world in the early 1990s. The world, which is now consuming about 60 million bbl. a day, faces a limit on production somewhere around 75 million or 80 million bbl. a day. That means in five years' time we may have chewed up most of the possibility of further expansion of oil production...
When it comes to oil reserves, the U.S. is surely in the hole-as the American Petroleum Institute reiterated last week. The industry trade association reckoned that the nation's proven recoverable reserves dropped last year by 1.7 billion bbl., to 30.9 billion bbl. That is just one of many statistics measuring just what the U.S. has down there, for no industrial society gathers more energy information or has more computers to refine it. Yet the U.S. is woefully unaware of the real size of its energy resources...
...program-plant diagrams, patent descriptions, detailed reports on which catalysts and additives work best, even the monthly reports of Hitler's 25 oil-from-coal plants-fell into American hands at the end of the war. But crude oil was available then in ample supply at $2 per bbl., and the man-made oil cost up to five times as much. So the German documents were filed and forgotten. Wainerdi and Krammer found some of the papers in the National Archives in Washington and others stuffed into crates in Government buildings around the country. Until the two men came...
...interstate natural gas while raising prices to a level comparable to those of oil. On the oil front, there will also be reforms. Under the present system, there are two different prices for domestic oil, both substantially below the price of imported oil (now selling at about $12.50 per bbl. at Middle East ports). Full decontrol would send domestic oil prices up a third, and the Administration fears the political and inflationary impact. The probable compromise: a gradual relaxation of price controls with a ceiling, or "cap," on the maximum price...
President Ford ordered stockpiling of half a billion bbl. of oil in the U.S. by 1982. Carter will advance the date to 1980. In the event of a new embargo, that amount of oil would give the U.S. just under a one-month reserve at present consumption rates, a small but worthwhile drop in the bucket...