Word: bbl
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...Gulf. Rising prices will surely keep profits up, but the oilmen nevertheless have problems: they may have to close some refineries because of an inability to get crude. Mobil last week announced that after Dec. 31 it will "mothball" an East Chicago refinery that has been processing 47,000 bbl. per day of crude for small independent oil companies. Small oil distributors will be really pinched. John Fiore has been supplying diesel fuel to barges, tugs and fishing boats in Boston harbor for 40 years, recently at the rate of 60,000 gal. a week. Last week he sold none...
Potentially, shale oil is a fabulous fuel. It requires no costly hit-or-miss exploration, no ocean rigs, no precarious negotiations with foreign governments. Instead, it is a U.S. resource, locked in immense quantities-estimates range from 600 billion to 3 trillion bbl. - in rock formations throughout the semi-arid Rocky Mountain states. But no major shale-oil development could begin until the Federal Government, which owns between 70% and 80% of the oil-bearing lands, decided to lease out its deposits. That decision, in turn, depended mostly on how serious the environmental effects of mining would...
...that in the past few years, the U.S., Europe and Japan have been expanding their economies at breakneck speed, burning up awesome amounts of energy, often wastefully. Voracious American oil demand has raced ahead of domestic production, and today the U.S. imports one-third of the 17 million bbl. that it burns each...
...situation. The members were quick to stress that they were now peering into a future that was at best murky. For one thing, no one is certain how long the Arab oil squeeze will last or of the exact size of the petroleum gap (estimates range from 2.5 million bbl. to 3 million bbl. daily of crude and refined products). Most important, there are no adequate models that might foretell how the U.S. economy will react to the first energy scarcity in its history. Explains Alan Greenspan, a consultant who frequently advises the Nixon Administration: "In classic forecasting, we have...
...horsepower. In a General Motors test, Buick Electras used 21% less gas at 50 m.p.h. than at 70 m.p.h. Smaller cars have saved as much as 30% by driving at 50 m.p.h. rather than 70 m.p.h. According to the Environmental Protection Agency, the nation would conserve 2,100,000 bbl. of oil daily-more than the anticipated daily production of Alaska's North Slope-if the average weight of U.S. cars was reduced from 3,500 Ibs. to 2,500 Ibs. The EPA has also rated 1974 models for economy. The most efficient automobiles in some different weight categories...