Word: bbl
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...must reduce its imports of oil?which are now 7.3 million bbl. per day?by 1 million bbl. per day this year, and by 2 million bbl. in 1977. The way to do it is to make energy so expensive that consumers and businessmen cannot afford to burn as much oil as they...
...President will start by using his power to impose a $1-per-bbl. tariff on imported petroleum beginning Feb. 1, then raising it to $2 on March 1 and $3 on April 1. He also will ask Congress to enact a $2-per-bbl. tax on U.S.-produced crude, and an equivalent amount?370 per 1,000 cu. ft.?on natural gas piped across state lines. If and when Congress agrees to that, the tariff on foreign crude would drop back to $2. Finally, Ford plans to remove all price controls on domestically produced oil on April...
...Alaska; amending the Clean Air Act and other legislation to enable utilities to burn more coal; enacting heat-saving standards for all new buildings; budgeting more federal money for energy research and development. He set a list of specific goals to be achieved by 1985: production of 1 million bbl. per day of synthetic fuels and shale oil; construction of 150 "major" coal-fired power plants, 30 new refineries and 20 synthetic-fuel plants, in addition to the new nuclear plants and coal mines. Picking a rare hero for a Republican President, Ford compared his goals to Franklin D. Roosevelt...
...they also could do just the opposite: they could take Ford's program as vindication of their past price increases and raise prices higher yet. Some Arab governments are willing to cut production in order to maintain prices; Kuwait last week reportedly decided to reduce output by 500,000 bbl...
...time, of course, but time can cost billions. The National Petroleum Council estimates that, were it not for equipment shortages, 2,200 more new wells would have been drilled during 1974. Within two years, those missing wells might have increased U.S. production by as much as 700,000 bbl. a day-enough to replace 70% of the oil that President Ford wants to cut out of the country's imports...