Word: bbl
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...long ago as mid-1975" that it might not be welcome at Long Beach. Sohio claims that when the pipeline was planned, it did not believe there would be any surplus in California that would have to be piped East. The unexpected West Coast glut-about 600,000 bbl. per day-arose, says Sohio, because of increased energy conservation and the lower fuel consumption that resulted from the recession. Yet others insist that the glut problem cannot be a surprise to the company. Says O.K. ("Easy") Gilbreth, director of Alaska's division of oil and gas: "Sohio told...
...industry that operates on a global scale, would not be unusual, and California's Quinn says it deserves "serious consideration." But the main reason for building the pipeline, after all, was to reduce initially the nation's reliance on foreign oil by about 7%, or 1.2 million bbl. per day, and for that reason Congress expressly prohibited the foreign sale of any Alaskan crude...
...levels, thereby reducing consumption and encouraging more oil exploration. Instead, Congress-and later the Ford Administration-adopted a "gradualist" approach. Embodied in the energy act passed last year, it essentially maintains oil price controls through 1978, allowing U.S. oil to rise from its controlled level of about $7.50 per bbl. (compared with the current world price of about $13) only in small annual jumps. Critics charge that this pace is too sedate to discourage consumption or spur production significantly, considering the enormous costs and risks involved. A current example: last week, in the first auction of East Coast offshore drilling...
Consumption is perilously close to the record of 7.3 million bbl. used daily in the U.S. in August 1973, shortly before the October embargo. Since gas sales are highest in summer when more vacationers are on the road, August of the Bicentennial year could be a dilly. FEA has another, equally sobering set of statistics. Whereas in 1960 only 18.8% of oil used in the U.S. came from foreign sources, in the pre-embargo period of 1973 that figure rose to 36.2%. Currently it is about 40%. So much for independence...
...task is not impossible. Several independent oil companies that have lost access to Canadian oil since Canada cut exports to the U.S. are looking for other assured supplies. They may be further enticed by the billions of barrels of crude involved. General Dynamics alone may take 100,000 bbl. per day of Iranian crude for the next seven years in return for its planes-enough to keep a medium-sized refinery busy...