Word: bbl
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...sales rise in March, with sales of some cars up as much as 25%. Oilmen, too, thought they might be bottoming out of recession, had cut production drastically to reduce inventories, while many independents clamored for further import cuts (see Oil). Texas cut its April allowable another 120,203 bbl. and scheduled only eight days' production (2,444,571 bbl. daily) for the entire month, the lowest level in history. Although gasoline stocks topped those of 1957, heavy crude oil and heating-oil stocks were coming down to size. Last week Gulf Oil Corp., Phillips Petroleum Co., Texas...
...State Department's Office of International Resources. Because Canada is also affected by U.S. restrictions, Canada's Ambassador to Venezuela joined the talks. Some of the facts: ¶ Of the 14% drop-off in Venezuelan oil production since the Suez-crisis peak of 2,900,000 bbl. a day, the slump in the world market accounted for about 10%, U.S. voluntary restrictions for only 4%. ¶ In the same period, politically powerful Texas' output has dropped 18%. ¶ Crude prices in the U.S. have shaded off 10? to 25? from the Suez high of $3.25 per bbl...
...Domestic producers blame the situation on heavy imports, but importers are complaining that their quotas under the Government's voluntary-import quota program are not high enough to enable them to operate efficiently. While imports of petroleum and oil products reached a record high of 1,897,500 bbl. at latest report, the Government did not consider the weekly figures significant, since they often vary widely, expects the monthly import figures to be within the voluntary quotas...
Getty stepped in and outbid them all. Though not a drop of oil had yet been discovered in the Neutral Zone, he offered Saud $9,500,000 in cash, $1,000,000 a year whether he hit oil or not, to be applied against 55?-per-bbl. royalties and 25% of the company's net profits from Neutral Zone production. In 1949, "in the name of God, the Merciful, the Compassionate," Pacific Western and the Kingdom of Saudi Arabia signed an agreement giving Getty one-half interest in the Neutral Zone for 60 years. Getty sent son George...
...Eocene oil at 1,200 feet, but got right to work on a refinery to turn it into heavy fuel. Since 1956, when Getty formally changed Pacific Western's name to Getty Oil Co., Getty's half share of Neutral Zone production rocketed from 5,841,728 bbl. yearly to 11.6 million bbl. last year. Getty considers that just a beginning; the wells are scheduled to double production this year. The zone has 60 wells producing 100,000 bbl. daily, another 60 that have struck oil but are shut in until a bigger pipeline is laid and Getty...