Word: bbl
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...soften the blow, the Administration intends to drop its $2 per bbl. tariff on imported oil. Congress is almost sure to extend through next year $9.4 billion in tax cuts enacted for 1975, and the Administration will have little choice but to go along. Still deeper tax cuts might be needed too. To get them enacted, the White House and Congress would have to muster a far greater willingness to compose their differences than is indicated by the long and sorry record of their wrangling over energy...
...continental U.S., at least not in amounts large enough to justify a pell-mell drilling rate. No one knows for sure, of course, but experts are beginning to wonder. The U.S. Geological Survey recently cut in half its estimate of recoverable oil left in the U.S., to 82 billion bbl. Oil Expert Walter Levy questions whether it makes much sense for oil companies to continue "spending more and more, and finding less and less." Wildcatters will no doubt continue exploring vigorously, but they have accounted for barely half of what little new oil has been found since 1973, and their...
...Shell and three other producers pulled out their rigs, and oilmen now refer to that ill-fated venture as "the Destin Anticlimax." They remain confident that other offshore sites-mainly along the Eastern seaboard and the California coastline-will produce better results, perhaps yielding as much as 2 billion bbl. during the balance of the century. Whether their optimism is well founded will not be known until ways are found to overcome environmental and leasing problems and allow the industry to step up its drilling off both coasts. Many experts argue that the U.S. should at least try to determine...
...industry has one powerful incentive to swallow its disappointment at the low discovery rate and keep looking hard for crude: all oil from new wells is exempt from federal price controls and sells currently for about $12.50 per bbl.-versus an average price for domestic crude of $5.62 in October 1973-and President Ford has vetoed congressional attempts to force a rollback. So the price should be more than enough to make a new well lucrative-provided it is the one in seven that actually hits...
Windfall Profits. Also, the bill would establish an initial ceiling of $11.50 per bbl. for all oil; that would force an immediate rollback of about $1.50 per bbl. in the present price of uncontrolled crude. Then the ceiling price would be increased five cents each month through November 1978. The plan also calls for taxing oil companies' "windfall" profits and returning part of the money to the consumer, perhaps in the form of a tax rebate...