Word: bbl
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...Favor. For example, despite the worrisome success of oil exporting nations in maintaining extortionate prices for petroleum now, the study suggests that they will not be able to keep them up. In order to hold 1985 prices at $11 per bbl., approximately the current level, Middle East nations would have to hold production to slightly less than half what they could pump. Oddly enough, they would be doing the U.S. a kind of favor if they did follow that strategy: American imports of oil in 1985 would drop to 3.5 million bbl. a day, from 6.3 million now. Reasons...
Mandatory Measures. In that case, imports would rise to 10.2 million bbl. a day-but only under the "base case" assumption that the Government did nothing special to encourage energy conservation or accelerate domestic production of fuels. The Blueprint offers a series of strategies for cutting imports. First, under an "accelerated supply" option, offshore drilling would be speeded on the Atlantic, Pacific and Alaskan shelves; environmental laws would be relaxed to permit the burning of more coal; and nuclear plants would be hustled into existence. The payoff: a drop in oil imports by 1985 to 5 million bbl...
...themselves, the conservation programs would hold oil imports in 1985 to 8.2 million bbl. a day. Combined with the accelerated supply option, they would slash imports to 3 million bbl. daily, or less than half the current level -and this at a $7 average price. Moreover, only half the imports would come from "insecure" (meaning Arab) sources. If policymakers decided that the nation could tolerate a higher level of imports, they could work out some mix of supply and conservation programs rather than go all-out in either direction...
Thus, taking just these measures, the U.S. within a year could cut more than 2 million bbl. from daily usage. Given the political will, the nation could make even more enormous savings in ensuing years. The ripest area for cutbacks is in transportation, which uses 60% of all oil consumed by the U.S. The FEA has worked out a comprehensive program of a 300 per gal. gasoline surtax, mandatory fuel efficiency standards for new cars, high excise taxes on low-efficiency autos, and additional spending and operating subsidies for mass transit. Anticipated extra savings: 1.7 million bbl...
...gains in its homes, offices and factories. An all-out program of tax credits for installing insulation, a 50% tax credit on investments in solar heating and cooling systems, and stern but sensible standards for limiting lighting and raising overall energy efficiency -all this could save another 775,000 bbl. a day by 1980 and 1.7 million bbl. by 1985. When this figure is added to the mass-transit potential savings, the U.S. could thus save as much as 6 million bbl. daily from the projected consumption of 19 to 20 million a decade hence...