Word: bbl
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...years. Finally, it is abundant, though diffuse and difficult to collect. The amount of solar energy reaching the earth averages 126 watts per sq. ft. Even in a northerly location such as Madison, Wis., the amount of solar energy striking an acre of ground is equivalent to 10 bbl. of oil per day, while that hitting a roof is in most cases more than enough to meet the energy needs of the building below...
...government brought about an unprecedented boom in the early 1970s, the economy has recently been feeling the stress of inflation in Western Europe. The Soviet Union, responding to the oil crisis of 1973, increased the price of vital crude oil for the Poles 150%, to $8 per bbl. To make matters worse, Poland was hit by severe droughts in 1974 and 1975, forcing it to buy $2 billion worth of grain from...
...foreign experts who convened at the University of Colorado's recent energy conference in Boulder, fully expect that the current price of $11.51 per bbl. (for low-sulfur crude at the Persian Gulf) will rise anywhere from 10% to 20%. As OPEC members see it, the industrialized nations can well afford the tab. The world recession seems to have largely lifted, and crude oil sales are rising as a result. Tanker charters have emerged from the doldrums, as top customers have scrambled to stock up on crude before the price rises again, often paying a 25? or 30? premium...
There are many counterbalancing forces. One is the stance of Saudi Arabia, which has by far the world's largest known oil reserves. Though they could produce 11.8 million bbl. of crude a day, the Saudis are limiting daily output to 8.5 million bbl. This hold-down allows other OPEC members to produce at capacity without causing so great a glut :? as to push prices down. As a result, cartel members must give great weight to Saudi views, and the Saudis have consistently talked moderation. At the cartel's last meeting in Bali in May, their A refusal...
...Texas by tanker and piped north. But none of these options could be ready by the time Prudhoe Bay crude starts to flow. Although it would add to transportation costs, and presumably to consumer fuel bills as well, Sohio can temporarily ship part of the surplus-perhaps 200,000 bbl. daily-on U.S.-owned tankers, through the Panama Canal and on to the Midwest...