Word: bbl
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What sparked it all was a growing oilfield (3,000 bbl. a day from twelve wells) on the 20th Century-Fox movie lot adjoining Beverly Hills. Trying to recoup from TV competition, the moviemen leased to oilmen who got permission to drill in 1953. Fox argued that the 280-acre lot was already zoned for manufacturing, and what was the difference between an oil derrick erected for a movie or one to drill? Furthermore, modern drilling avoids the noise and mess that blighted oil-happy Los Angeles in the '20s and brought a ban on drilling...
Nowhere does emotion defy statistics more than in the case of oil. Argentina has reserves estimated at 882 million bbl., yet last year it paid out $220 million, a sum greater than its foreign-trade loss, to import oil from Venezuela and elsewhere. The Suez crisis cost the country a cruel $100 million in higher crude prices and freights. Foreign oil companies would get the oil out of the ground or spend millions in Argentina trying. Instead, oil-is-ours nationalism assigns petroleum development to the capital-short, bureaucratic Y.P.F...
WORLD'S OIL USE will more than double by 1965, hit 32 million bbl. a day v. 15 million bbl. now, predicts Standard Oil Co. (NJ.) President M. J. Rathbone...
...retort has produced more than 4,000 bbl. of oil, can handle some 400 tons of rock a day. With a nest of such retorts, commercial production would be at least 20,000 bbl. a day. But that goal is five years off, warned Union President Albert C. Rubel. In arid Colorado, a big problem for industry is water. Though Union's experimental retort needs no water, the waxy shale crude does not flow well in a pipeline unless carried along by water, and the nearest source is the Colorado River 15 miles away. Even more important, Rubel thinks...
Whichever process wins out, the experts are now sure that shale oil can be produced commercially before too many years. Analyzing the shale future in Colorado, the University of Denver's Research Institute says that a 1,000,000-bbl. daily production is possible...