Word: bbl
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...President extended the voluntary program till March 10, while he and his special Cabinet committee on oil imports study the OCDM recommendations. These are reported to include a limit on imports of crude oil and other petroleum products of 1,025,000 bbl. daily, compared to 1,113,600 bbl. daily under the voluntary system. The compulsory scheme would be enforced by a Government administrative agency. Other recommendations made by OCDM reportedly call for1) a sliding scale of import quotas for smaller oil companies, based on the imports between March1 and Sept.1, 1958; 2) no cuts of more than...
...December level and only a fraction above a year ago. Several major raw materials even registered sharp decreases. Lead was marked down from 12? to 11? per Ib. when the metal piled up despite import quotas. Because of a worldwide glut in oil, British Petroleum Co. lopped 18? per bbl. off the price of Mideast oil. Creole Petroleum cut 5? to 15? off the price of Venezuelan oil, and in the U.S., Gulf and Ohio Oil dropped their buying price for crude oil by 7? per bbl...
Pipe Dream. Near Altus, Okla., employees of the Sooner State Drilling & Producing Co. set up a drill rig, smiled with surprise as they struck a 4.000-bbl.-an-hour gusher a mere 2½ ft. beneath the earth's surface, checked the find more closely, then hastily removed their equipment, repaired the gap in the 16-in. pipeline owned by the Service Pipe Line Co. of Tulsa...
...sand will glassify on the cavity's sides. Then they hope that the oil will be thin enough for piping to the surface. Experts claim that no radioactive hazards to man will result from the planned explosion. If the Athabaska sands yield their treasure, an estimated 300 billion bbl. of crude can be freed in that region alone...
ATOM BLASTS FOR OIL are being seriously considered by U.S. Bureau of Mines figures nuclear blasts could free more than 1 trillion bbl. of oil locked in rocky shale formations. Opening shot is expected in Colorado...