Word: bbl
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...West Coast oil importers last week went a request from Washington to cut their imports of crude oil during the first half of 1958 from a recent rate of 300,000 bbl. a day to 220,000. The import curb was no surprise, since Washington last July forced oil companies east of the Rockies "voluntarily" to reduce crude oil imports to protect the market for politically powerful U.S. independent oil producers. Nevertheless, the latest pronouncement drew sharp and angry protests from such companies as the Richfield Oil Corp., which was ordered to import no more than 9,100 bbl. daily...
...terms of actual oil sales, Canada's hurt is less in the present than in the future. Canadian oil exports to the Pacific Coast are running around 82,000 bbl. a day. At most, they are likely to go down no more than 5%. But Canadian oil economists projected a major increase in shipments, anticipated that in five or six years oil-rich Alberta, for example, would be pumping 400,000 bbl. of oil daily into the U.S. market. Any move to set limits on Canadian oil imports was a signal to Canada not to count too much...
Since 1950, gross national product has almost doubled to $5.9 billion. Oil production has nearly doubled to 2,700,000 bbl. a day, and with new wells coming in at record rates, oilmen foresee that it may rise another 85% by 1966. Oil now accounts for about $2 billion in exports, or about 95% of the yearly total. Iron-ore production, mostly by the United States Steel Corp. mines at Cerro Bolivar, increased by a third in 1957 to about 15 million tons. Irrigation projects and rapid farm mechanization have boosted agriculture until Venezuela now produces...
Oilmen, grumbling about refinery stocks of 437 million bbl., one of the highest early winter supplies in history, chopped back production 5%. Appliances, autos, machine tools all felt a slowdown. Private housing starts dropped 10% to less than 1,000,000 new houses, for the first time since 1947. And as freight-car loadings fell 16% at year's end, railroads were in such a fever to cut rising costs and bolster sagging profits that the Pennsylvania and the New York Central, giants of the industry, talked longingly of merger...
...would start the greatest northern land rush since the Klondike gold strike. They had swarmed to Anchorage by the score this fall after Richfield Oil Corp. made Alaska's first big oil find in the nearby Kenai national game preserve (see map). So promising was the well (900 bbl. a day) that the companies are prepared to sink $100 million into the search for more. If they are just moderately successful, they will invest another $200 million in production, refining, transport and storage facilities. This would bring in still other industries, open a bright new era for Alaska that...