Word: bbl
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...rate rose from 4.8% to 5.2%. The Bureau of Labor Statistics attributed a "substantial" proportion of new joblessness to shortages of fuel and power. More ominously, Federal Energy Chief William Simon warned last week that the home-heating-oil situation is still "critical," although stocks stand at 185 million bbl., v. 137 million bbl. at the same time last year, when stocks were abnormally low. The big danger: a sudden cold snap could quickly deplete inventories...
...That may well be impossible because Japan and several European nations, including Britain and France, are scrambling to ensure their own supplies of oil with no thought of other countries' problems. France hopes to sign an agreement with Saudi Arabia under which the French will receive 5.6 billion bbl. of oil over the next two decades in exchange for French products. In Japan, the government extended a royal welcome to two barnstorming Arab oil ministers, Saudi Arabia's Sheik Ahmed Zaki Yamani and Algeria's Belaid Abdessalam. They were granted an unusual 30-minute audience with Emperor...
Underlying the occasional demagoguery in Congress was the serious issue of how, if at all, oil prices and profits should be further controlled. Jackson has proposed that Congress roll back uncontrolled prices of "new oil" from a recent high of $10 a bbl. to $7, and Federal Energy Chief William Simon said that his office would not oppose some price reductions. Congress is also considering several bills aimed at depriving oil companies of any "excess profits" that might result from rising prices...
Indonesia's strongest card is its rapidly developing petroleum industry. The oil crisis has enabled Suharto to boost the price of the daily output of 1.4 million bbl. from $4 to $10.80 per bbl. in the past year. The oilfields are owned by the state oil company, Pertamina, which estimates that it will have a daily output of 2 million bbl. by 1975. The problem is that the nation's new-found oil riches have contributed to the conspicuous consumption of the Indonesian rich (who make up only 3% of the population) but have hardly touched the lives...
...World nations. The policy is already bringing handsome dividends to his government. Currently under negotiation is an agreement with Saudi Arabia that would assure France a steady supply of Saudi oil over a 20-year period. The deal could lead eventually to the flow of more than 800,000 bbl. of Saudi oil a day-a total of 5.6 billion bbl., worth about $50 billion at current price levels. The big question is how the French propose to pay for this massive supply...