Word: bbl
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...essentially a holding action. The Saudis have argued that the posted price of oil, on which the taxes and royalties paid by oil companies are based, should be cut by $2 or more from its present lofty $11.65 per bbl. They fear that sky-high oil prices will create unmanageable trade deficits for their customers. The Saudis also hope that by cutting oil prices they can negotiate a better deal on the technology, goods and services that they hope to import from industrialized nations, as well as hold back the development of alternate sources of energy...
...Energy Administration, said that his office has asked all big businesses to cut down on their use of energy, by such moves as improving industrial processes, recycling heat or lowering lighting levels. Such efforts could reduce industrial energy consumption by 10% to 15% -the equivalent of 1,100,000 bbl...
...hopes that high gasoline prices will make motorists keep auto engines tuned up, forgo unnecessary trips and form car pools. If each driver cut his gas consumption by 15%, the overall saving would be about 680,000 bbl. per day, or 10% of total demand...
Thus the boosts in posted prices for crude oil-from $3.01 per bbl. last October to $11.65 now-were long overdue. Moreover, Amuzegar said, the producing nations want to cooperate in world development, the oil embargo notwithstanding, because "we are all in the same boat...
...must hang onto every penny for uses even more important than rewarding stockholders. Most crucial: paying for the low-sulfur Arab oil that the utility must buy in order to avoid polluting the skies over New York City and Westchester County. A year ago the oil cost $4.50 per bbl.; today Con Ed is paying as much as $15.50. A near doubling of its electric and gas rates since 1970 has not given it enough money to meet the bill...