Word: bbl
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...stimulate U.S. production and diminish the nation's dependence on OPEC imports -with the Democrats' fears that the rises would be inflationary and impede economic recovery. At present, "old" oil -crude pumped in amounts equal to what was produced in 1972-is price-controlled at $5.25 per bbl.; "new" oil is uncontrolled and sells at about $13. The President's new bill would gradually lift the controls on old oil over a 39-month period. Each month more oil would be decontrolled, but the schedule is so set up that the biggest impact on prices would...
...recovery, however, faces a peril: This fall OPEC is expected to raise the price of oil another $1.50 per bbl., to roughly $12. What is more, on Aug. 31 the U.S. law authorizing price controls on domestically produced oil expires; unless it is extended, the price of some 60% of oil from U.S. wells is likely to leap overnight from the present controlled $5.25 per bbl...
...Democrats to throw the full weight of the U.S. Government against the price-setting power of OPEC and thus roll back the price of petroleum. It would reduce the price of "new" domestic crude (oil in excess of what was produced in 1972) from its present $13 per bbl. to $7.50. Producers in especially high-cost drilling areas, like offshore, would be allowed to charge $8.50 per bbl. The price of "old" domestic crude, which is now frozen at $5.25 per bbl., would be allowed to rise to $7.50 also-but only over a five-year period. The House bill...
...across state lines. As demand surged in the early 1970s, partly as a result of environmental legislation favoring clean-burning gas, the FPC held the price at an artificially low level. Even now, it is fixed at only 510 per thousand cu. ft., equivalent to a mere $3 per bbl...
...company supplies oil to New York State utilities and others along the Eastern seaboard. It also explores in the North Sea, pumps crude in Abu Dhabi, refines in the Bahamas, ships round the world by tanker, truck and pipeline, and owns storage terminals with a capacity of 25 million bbl. Most of the Carey Corp.'s business is with industrial customers. But a subsidiary, Burns Bros., supplies heating oil to New York metropolitan-area homes. In Canada, the group's Caloil affiliate sells gasoline under the Calex sign at 250 service stations...