Word: bbl
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...would seek to convince the producers to guarantee stable supplies. Moreover the U.S. and some other nations want to persuade the producers to lower oil prices to a more bearable level. U.S. Secretary of State Henry Kissinger concedes that prices would have to stay higher than the $3.65 per bbl. that Persian Gulf producers were charging before they started the embargo in October. But he also points out that present prices, which range up to $20 per bbl., threaten severe disruption of the world economy...
...running increasingly ahead of new discoveries-and that Arabs would one day demand greater control over their resources. He ordered a stepped-up search for oil-even though the world then had a crude glut. In the past decade, Exxon's worldwide reserves have increased more than 9 billion bbl., or 21%. Crews are now searching, with good prospects, on Canada's Tuktoyaktuk Peninsula not far from the Alaskan North Slope and off the coasts of Southeast Asia-among many other places...
...President Nixon, who eventually decided to keep the quotas. In retrospect, that was a grievous error. The quotas helped prompt U.S. oil companies to build their new refineries overseas, where they had access to then plentiful and cheap foreign crude. U.S. refineries have about 3 million to 4 million bbl. less daily capacity than they would need to meet "normal" domestic demand of close to 20 million bbl. That lack will contribute to keeping supplies tight for years after the Arab embargo ends. Now Exxon, which accounts for about 10% of the nation's refinery runs, is almost doubling...
...amount of new building, however, will head off the political onslaught that the oil industry faces in the U.S. At minimum, Exxon will have to put up indefinitely with much tighter federal regulation. For instance, under a Government allocation program, it must sell 140,000 bbl. of crude a day to American competitors whose refineries are less well supplied than Exxon...
...Areas that were greatly dependent on imported oil, notably the Northeast, have been hit especially hard by the Arab embargo. The U.S. normally needs 7 million to 8 million bbl. of imported oil and petroleum products daily, but imports are down to some 5 million bbl...