Word: bbl
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...continuing to meet the $10.80 price, would be able to reduce imports from around 6 million bbl. a day now, to zero by 1985 and actually export a domestic-oil surplus of 1.35 million bbl. a day. The assumption is that high prices would spur a 114% rise in U.S. oil production over a decade while depressing consumption, thus enabling the U.S. to stop importing oil altogether. In this area, the OECD researchers are even more optimistic than the Federal Energy Administration; in its Project Independence Blueprint published last fall, the FEA foresaw imports still hovering at 3.5 million bbl...
...Western Europe, which is far more dependent on OPEC supplies than the U.S., would shave imports by only about 8% (to 13.3 million bbl. daily) if oil stayed at $10.80. Yet lower prices would vastly increase its reliance on foreign oil. At $7.20, Europe's oil imports would rise another 21%, to 16.7 million bbl. daily; at $3.60, they would zoom by 71% to 23.8 million bbl...
...energy program, the OECD's projections are about as comforting as January's bill from the local gas and electric company. Yet the OECD conclusions are in line with the arguments Ford has been hearing in recent weeks that a "floor" price of about $11 per bbl. of oil would be the most effective way to reduce imports and increase self-sufficiency. Still, the costs will be steep, perhaps impossibly so for those countries that, unlike the U.S., have only limited energy resources...
...Washington has made domestic-oil exploration more attractive than it has been at any tune in years. Under the two-tier oil price system inaugurated in September 1973, "new" oil-production in excess of a 1972 base period-can be sold at the world price, now about $11 per bbl. That is more than double the limit of $5.25 per bbl. allowed on "old" oil produced within the base level...
Piping, drilling rigs and other items are in short supply now largely because they have not been in much demand in recent years. At the $3.81-per-bbl. price that prevailed when the two-tier system arrived, many drillers abandoned oil exploration as unprofitable. During the past 20 years, the number of independent oil companies shrank from about 20,000 to 10,000, and manufacturers of drilling equipment cut back on their production accordingly. With demand on the upswing again, the manufacturers are struggling with order backlogs of up to three years. The smaller independents have been hardest...