Word: bbl
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...blanc on the Midi documents and rouge on those for the Bordeaux. This meant that he had to sell the Bordeaux white wines as even cheaper Midi whites. But he could also peddle his dirt-cheap Midi reds as more expensive Bordeaux red, at profits averaging almost $100 per bbl. Total windfall on 8,000 to 9,000 bbl.: some...
...heavy drain that the high price of foreign oil is imposing on the U.S. balance of payments. Ford himself hinted last week that mandatory conservation measures may be necessary if the voluntary steps that he has urged do not fulfill his goal of reducing oil imports by 1 million bbl...
...ARCO executive mentioned the find to Presidential Assistant L. William Seidman. Ever since, oilmen have been trying to estimate the size of the discovery, with no help from Mexican officials, who insist that they just do not know. Some skeptics place the reserves as low as 1 billion bbl., which would have significance only to Mexico. But other estimates, including the one now accepted in Washington, cluster around 15 billion bbl. If that figure proves to be correct, it would rank Mexico in about the same class as Nigeria among the heavyweights of world...
Whatever the size, the Tabascan strike is probably Mexico's biggest ever;* it already has turned Mexico from an oil importer to an exporter of 60,000 bbl. a day. The impact, reports TIME Correspondent Bernard Diederich, has already been felt in the Tabascan capital of Villahermosa, where land prices have soared as much as 2,000% and hotel space is at a premium. Tabascan Governor Mario Trujillo Garcia predicts that Villahermosa's population, now 150,000, will double in eight years. Out in the countryside, where rainfall of up to 400 inches a year keeps...
...Weight. Other Mexicans are enjoying the new weight that oil gives them in world councils. Within two years, Mexican officials think that the country could be exporting 200,000 bbl. a day, enough to put it in the same league with member producers of the Organization of the Petroleum Exporting Countries. Indeed, Mexican officials are expected to begin sitting in on OPEC meetings soon as observers. Mexican President Luis Echeverria Alvarez told President Ford last month that Mexico would export its oil at world prices, diluting hopes that it might undercut those vastly inflated quotes. These just might begin coming...