Word: bbl
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Passage of the bill would thus close off the only stretch of the entire Gulf and Atlantic coastlines still available to supertankers. The huge ships, which can carry as much as 3,000,000 bbl. of oil, draw up to 89 ft. of water at dockside. Delaware, the only other state with harbors deep enough to handle the ships, is already off limits; in 1971, it passed a conservation law forbidding any more heavy industry-including oil-tanker facilities-on its shoreline...
...prices at a seasonal high. This "lowered incentives" to produce fuel oil, says Ray Wright, marketing director of the American Petroleum Institute, since it was a time when demand for gasoline was unexpectedly high. The supply imbalance that resulted became apparent last November: fuel reserves were about 31 million bbl. below the levels...
...past two years Occidental has fallen into trouble. Production in Libya, the backbone of its operations, has been on a roller coaster and has never reached the mil-lion-barrels-a-day level that Hammer once forecast. The Libyan government ordered it cut from a high of 800,000 bbl. daily early in 1970 to 320,000 bbl. now. The revolutionary government of Colonel Muammar Gaddafi has been distressed by charges cited in a lawsuit filed in the U.S. that Occidental had won its concessions partly by f unneling money to officials of deposed King Idris, one a former minister...
...import quotas have been something of a sacred cow through four successive U.S. Administrations, certainly including Richard Nixon's. Yet last week Nixon signed a proclamation allowing importers to bring in an average 230,000 bbl. more a day for 1972, about 15% more than before. Because there are just over seven months left in the year, the daily increase will really amount to 400,000 bbl...
...faces a fuel and energy shortage. This, combined with heavy overloads on power systems at peak periods of use, may well dim lights and shut down air conditioners on sweltering days this summer. State restrictions on domestic output, which accounts for about three-fourths of the 12 million bbl. of oil that the nation needs each day, have been loosened; Texas wells are now allowed to produce at 100% of theoretical capacity. But the U.S. industry has been unable to meet demand, and even some oilmen have been asking for a boost in the imports. The heaviest pressure has come...