Word: bbl
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...conservationist as a 32-year member and often chairman of the all-powerful Texas Railroad Commission, which regulates the state's oil flow (and in turn sets the pace for 30 lesser oil-producing states), who started in the days of unlimited production and prices of 10? per bbl., quickly devised a system of monthly quotas for every Texas well; of pneumonia; in Amarillo...
...Yemen has kept Egypt and Saudi Arabia at loggerheads, and Cairo constantly mumbles threats of war. As a result, Feisal estimates that he must spend more than $1.5 billion for defense over the next five years. Money is no problem. This year Feisal expects to pump almost 1 billion bbl. of oil, worth $750 million to the government, which would put his country ahead of Kuwait as the world's biggest producer...
...Western Australia that until now has supported only kangaroos, lizards and one lonely tree, an international team of roustabouts is drilling with intensity and anticipation. The Western Australian government last month declared Barrow to be an economically viable oilfield, expects that by 1968 it will be producing 20,000 bbl. daily for a group made up of Shell, Texaco, Standard Oil of California and Ampol, an Australian firm...
...Barrow will treble Australia's production of crude, reduce the amount of foreign exchange that it uses to import oil (now $280 million annually), and guarantee its future as one of the world's fastest-growing new oil sources. Together with the fairly new 10,000-bbl. wells at Moonie and Alton in the east, the find is probably the most important economic development in Australia since Merino sheep were introduced...
...claims totaling $113 million for the years 1958 through 1960 on the questionable ground that they had then sold oil too cheaply-and thus had somehow done Venezuela out of its fair return. More important, the government declared that, even though all the foreign companies get scarcely $1.55 per bbl. for their heavy residual fuel oil, they henceforth will be taxed on the basis of a $1.80 price...