Word: bbl
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...economy is the country's fabled pool of oil, greater than that of any other nation except the U.S. and Russia. The black gold that foreign companies pump from beneath the muddy floor of Lake Maracaibo enriches the Venezuelan government by $1.3 billion yearly, or about $1 per bbl. And whenever the treasury wants more, it simply squeezes the 25 foreign oil companies a little tighter-which is what it is doing right...
...opportunity, and everything after that falls in place." In 1944, Hammer saw a new opportunity when he learned that the American Distilling Co. was about to declare a dividend of one barrel of whisky per share. He bought 5,000 shares on margin-and to make his 5,000-bbl. dividend go up further, he mixed the whisky with alcohol made from potatoes purchased from Government sur pluses. The blend was sold to the wartime whisky-parched public and to other distillers. To produce the alcohol, he began buying distilleries, ended up with eleven, and sold them in 1956, winding...
Angering the Competition. The principal product of the Guayama refinery, however, will be 24,800 bbl. daily of motor fuel for U.S. East Coast markets, in which Phillips is expanding. Since all oil imports are under quota, a presidential proclamation was required to enable Phillips to ship oil products from Venezuela to Puerto Rico. Other oil companies will have to cut their import allotments to accommodate Phillips. Result: the two-year period in which the Interior Department studied the Phillips-Puerto Rican application produced a bitter oil-industry battle...
...Oasis Oil Co., which Marathon owns jointly with Continental Oil and Amerada Petroleum, hit the Dahra field in Libya. "That success alone," says Donnell, "more than justified the decision to venture abroad." The find has in creased Donnell's proven reserves by more than 100% (to 1.7 billion bbl.) and expanded his production by 150,000 bbl. per day. With that, Donnell moved into high gear. He acquired four more refineries and hundreds of gas stations by taking over Michigan's Aurora Gasoline Co. and Texas' Plymouth Oil Co., and in 1962 highlighted his company...
California, that land of anomalies, imports 36% of its crude oil while the continent's largest proven reservoir of untapped oil sits untouched under the harbor and waterfront of Long Beach. The size of this pool-1.2 billion bbl.-has been certain for four years, but Long Beach ordinances forbade drilling inside the city and the city fathers disagreed with the state over the division of royalties. Finally, last fall, the drilling laws were relaxed and a split finally agreed on: 85% for California, 15% for Long Beach...