Word: bbl
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...Nigeria is full of boom talk, and the country has enormous economic potential. It is rich in cash crops -cocoa, peanuts, palm oil, coal and iron ore. Most important is oil, which was discovered there in 1956. With a current output of 1,700,000 bbl. a day, Nigeria has passed Iraq and Canada to become the world's ninth largest oil producer. The government's share of the profits is expected to surpass $1 billion this year and $1.25 billion next year...
...offshore to tap deposits under the ocean floor. One of the hottest exploration areas stretches along the Atlantic Coast from Maine to North Carolina, ranging from 50 miles to 300 miles offshore. Oilmen estimate that that area of the continental shelf may hold between 122 billion and 169 billion bbl. in potential petroleum resources-roughly 25 to 30 times as much as the U.S. consumes yearly. But a classic battle is shaping up between oilmen and environmentalists over whether to develop this possible resource...
...rights for 366,000 acres off the Louisiana coast. In what could be a move to placate environmentalists and meet consumer demand for more oil, especially in New England, President Nixon last week lifted the quota on foreign oil in states east of the Rocky Mountains by 100,000 bbl. a day, to 1,550,000 bbl...
Energy Policy. Beyond the environmental fight loom arguments over international law, politics and economics. Americans use 5 billion bbl. of oil a year, and the industry estimates that domestic demand will double by 1985. But proven U.S. reserves-chiefly in Texas, Louisiana and Alaska -are only 39 billion bbl. Oilmen insist that unless great new domestic deposits are found and exploited, the U.S. will become dangerously dependent on the politically mercurial oil-producing countries of the Middle East, Africa and Latin America. Further, big oil discoveries in the U.S. Northeast would sharply cut the costs of transporting oil to those...
...enormous shallow-draft ship, which he calls the "ecology tanker." If built as planned, it will look almost roly-poly-890 ft. long, 170 ft. wide, but drawing only 39 ft. fully loaded. At this draft, it can slide easily into most major ports, while still carrying 800,000 bbl. of oil. Much more maneuverable in narrow channels than the monster tankers (thanks to powerful "thruster" propellers set at right angles to its bow and stern), the ship will include several safeguards against oil leaks. One drawback: it will cost at least 8% more to build than a conventional tanker...