Word: bbl
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...slingshot-is what he calls "the public's healthy attitude of skepticism" about the energy crisis. "The consumer is showing real outrage over the fact that oil companies' profits can skyrocket, while the Administration allows the price of 'old oil' to rise $1 per bbl. [to $5.25]," he says. "Since there is no retroactive expense in pumping from wells already producing, the increase is just a Christmas present from the Administration to the oil companies...
...crunch is seen as a problem of prices, not availability. Indeed, oil prices, already up to $9.50 per bbl., may rise a further 64% to cover increases in the price of Middle Eastern crude. Even so, Japanese forecasters are predicting that the country's economy will grow 4% or 5% in fiscal 1974, which ends in March 1975. Over the next decade, reports the respected Japan Economic Research Center, the growth rate should average 9.2%-extraordinarily high by Western standards...
...reason is that U.S. imports of crude oil eventually would probably rise by a million bbl. a day or more. That would about cut in half the "shortfall" of 2.2 million bbl. a day now projected for the second and third quarters-even if there were no restraints on demand. In fact, high prices and the continuation of such conservation measures as the 55-m.p.h. highway speed limit probably would hold down demand too, perhaps shrinking the shortfall to a mere 600,000 bbl...
...utility will not only save on its fuel bill and earn money from selling recoverable materials; it will also charge local governments a "dumping" fee for disposing of their refuse. If U.S. utilities follow Union's lead, the nation could conceivably conserve the equivalent of 290 million bbl. of oil per year, recover up to $1 billion worth of recyclable metals and, best of all, gain a final solution to the garbage-disposal problem...
...would roll back the prices of nearly 30% of the crude oil produced in the U.S. Primarily, that is so-called "new oil"- the amount of crude produced in excess of 1972 levels-and it is now exempt from price control; prices have gone as high as $10.35 per bbl. The bill sets a basic price of $5.25, but permits increases up to $7.09 if oil firms can provide detailed cost justification for them...