Word: bbl
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...started drilling near Beaumont, Texas and in 1901 struck Spindletop. Within weeks, oilmen there struck no less than six gushers that could produce more oil than the rest of the world combined. More money was lost than gained in the ensuing land rush, but Spindletop spouted 50 million bbl.. spawned three great oil-producing companies: Humble, Texas...
...Indiana that they are "grossly discriminatory." As other importers also stormed over the Administration's move, independent Texas oilmen (who produce more than 40% of the nation's crude output) put on contented smiles. U.S. domestic oil demand is now running at about 9,000,000 bbl. per day and is expected to increase this year to 9.4 million bbl. daily. With U.S. daily crude production about 7,000,000 bbl. and total imports cut to 1.5 million, it is domestic producers who will make up the 1,000.000-bbl. daily difference. To clear the way for price...
...worry over reserves. The American Petroleum Institute reported that drilling had declined slightly last year. But a falloff in demand, plus imports, had slowed the drain on U.S. fields. Thus, U.S. crude reserves at the end of 1958 stood at an alltime high of 30,536,000,000 bbl., up 235 million from the total the year before...
...free-trade position, President Eisenhower last week clamped mandatory quotas on oil imports. His reason: "national security." The curbs were made compulsory because some importers were violating the "voluntary" quotas imposed months ago. Under the new order, total daily imports will be cut from about 2,000,000 bbl. to 1,500,000, and oil products and residual fuel oils will be restricted for the first time; products will be slashed from 300,000 bbl. to 60,000, residuals trimmed slightly. The new curbs, said the President, are intended to stimulate exploration for oil at home, ensure a sufficient supply...
...OFFSHORE OIL production in California, from a platform, will be started by Humble Oil & Refining Co. and Standard Oil of Calif. Two of 25 wells to be drilled on a 110-ft. square rig two miles out from shore near Santa Barbara have already produced as high as 865 bbl. per day in tests...