Word: bbl
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...PRICES. The average price of crude oil produced in the U.S. will be rolled back from the current $8.75 per bbl. to $7.66 per bbl. in February (imported oil costs roughly $13 per bbl.). The cutback will amount to about 1? per gal. for gasoline and home-heating oil, but Federal Energy Administrator Frank Zarb doubts the savings will be passed on to consumers. Reason: all of the rollback will be absorbed by the rising costs of suppliers' operations. Increases in the price of domestic crude oil will be limited to 10% a year until May 31, 1979, when...
RESERVES. To provide a cushion in the event of another foreign oil embargo, the U.S. will stockpile 150 million bbl. of oil within three years and increase the reserve to 400 million bbl. by 1983. That would be roughly equal to less than one month's supply at current consumption rates. In addition, if there is an energy emergency sometime in the future, the President is authorized to prescribe gasoline rationing and other means of conserving fuels, order a production increase at domestic oil and gas fields and restrict exports of coal...
...announcing the nomination of Assistant Secretary of State Thomas Enders to succeed him, Porter threw a small cocktail party for a dozen Canadian and American reporters. At the party, he observed that Congressmen in U.S. Border states were unhappy about the price of imported Canadian oil. At $14.99 a bbl., Canadian crude is running nearly $1.50 above average world market prices. Porter also pointed out that American investors had become leary of putting more money into Canada because of worries about rising nationalism. As an example, he cited the decision of the Saskatchewan provincial government to take over the potash...
...gnawing sense of anger against the West and a common feeling that their fate is not in their own hands. Two related events galvanized them into a cohesive bloc: the 1973 decision by the ministers of OPEC to quadruple the price of oil, which had been $2 per bbl., and the Arab nations' imposition of an oil embargo at the time of the October War. The LDCs-even those not directly involved in oil exports or the Middle East conflict-were exhilarated. They saw both actions as proof that the industrialized West was vulnerable to collective pressures from...
...Italian delegation; two other countries, Britain and Luxembourg, will be able to make comments as well, so long as they basically adhere to the overall Market position. Wilson's obstinacy, however, did gain Britain something: the Nine agreed to support a minimum price for oil, possibly $7 per bbl. The costs of producing the North Sea oil are so great that Britain feared any drop in prices would make its stormy offshore fields unprofitable and thereby ruin forever its chances of rising above its current economic problems...