Word: bbl
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Prognosis: Accelerated solar heating and cooling programs could save the equivalent of 1 million bbl. of oil daily by 1985, about 5.5 million bbl...
...face of soaring oil-company profits and that its repeal would eventually pass in some form. Long abandoned any prolonged fight to preserve this tax loophole. The Senate then cast preliminary votes to take away the protection from all but the "mom-and-pop companies" (those producing 2,000 bbl. per day or less...
Irksome Dilemma. The huge shortfall was aggravated by the global recession, which slowed the growth of world trade. Some economists argue that the numbers are no cause for alarm contending that the U.S. will attract more foreign capital when its economy perks up. Nonetheless, the nagging, $10-per-bbl. question remains: How fast can an economy recover when it is forced to send abroad a large share of its income to pay its oil bills...
...Comecon,* Hungary is reeling under the impact of the sudden 130% rise. Except for Rumania, which has its own oilfields, the Eastern bloc depends almost entirely on Soviet energy supplies, and it had been getting a bargain. Though the world price of oil quintupled to more than $10 per bbl., the Soviet Union continued to sell to its allies at $3 per bbl. Since Comecon prices are adjusted only once every five years, Eastern European leaders believed they would enjoy that deal, at least until...
They were wrong. In raising the per-barrel price to $6.90 in January, the Soviets placed self-interest above one of Communism's cherished tenets: social priorities, not market forces, should determine prices. Though the Soviet Union is the world's leading oil producer (averaging 9 million bbl. per day last year, v. 8.5 million for Saudi Arabia), domestic and Eastern European demand will outstrip output by 1980. The Soviet Union and its Comecon partners are already importing small quantities of high-priced Middle Eastern oil, mainly from Iraq, Iran and Libya. Hence the Soviets...