Word: bbl
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...Senate and House whizzed through a long-delayed bill, which the President signed, to lay a pipeline across 789 miles of tundra, mountains and rivers between Alaska's North Slope oilfields and the warm-water port of Valdez. The pipe will pump some 2,000,000 bbl. per day-about 11 % of the nation's current needs. Though the line will be constructed on a hurry-up basis at a cost of $4.5 billion, it will still not be in operation until 1977, if then. In taking the action, Congress brushed aside longstanding objections by environmentalists, who argue...
...concessions began to unravel in the late '60s, when the rise of rabid Arab nationalism coincided with the increasing dependence of Japan and the West on Middle East oil. By 1970 Libya was becoming a major producer, and its low-sulfur oil was selling for $2.23 per bbl. The Libyan government asked for a moderate 10¢ per bbl. increase, but a group of Western oil companies offered only 6¢. Led by Colonel Gaddafi, the government struck back by cutting production by 25% and lifting the posted price by 30¢, to $2.53 per bbl., the largest increase in Middle Eastern history...
Newly discovered domestic oil, which is exempt from price controls, now commands $5.50 or $6 per bbl., about 60% higher than the going rate earlier this year. That high price makes it worthwhile for oilmen to squeeze more oil out of deep or inaccessible wells that previously did not pay. Recently, there has been a rush of exploratory drilling in Wyoming, Colorado and Utah...
...take three to five years to find and drill new wells offshore. A surer way to expand domestic sources would be for Congress to finally approve the Alaska pipeline bill, enabling the nation to tap the rich North Slope fields, which are believed to have at least 50 billion bbl. of recoverable oil. If the pipeline were in operation today, it could be supplying 11% of the nation's needs. As matters stand, it will take five years to build...
...bearing shale has huge potential for the long term. The Green River formation, which runs through Colorado, Utah and Wyoming, contains an estimated 600 billion bbl. of low-polluting shale oil, enough to fill the country's needs at current consumption levels for almost 100 years. About 72% of the deposits are on federally owned lands, and the Government will probably soon lease some of them for commercial plants, where oil can be extracted by crushing and heating the brown shale. It could take six years to get such plants into operation, and refined shale oil can probably be produced...