The Energy Crisis: Whys and Hows

I. THE ENERGY CRISIS STILL EXISTS A. ALTHOUGH IMMEDIATE SHORTAGE IS NOW ALLEVIATED BY: 1. Increased imports through lifting of Arabian embargo; a. Imports were 6.5 million bpd during the week ended January 17, or 1.3 million bpd higher than last year. b. 1.7 million bpd higher than March '74. 2. Decreased demand resulting from higher prices and conservation. a. January 1975 demand was 17.9 million bpd, 0.1 million bpd lower than January 1973 and … b. 2.0 million bpd, or 10% under originally projected demands for January 1975. c. Gasoline (excluding tax) went up 59% from 27d/gal in August 1973 to 43c/gal in September 1974. d. Gasoline demand for January 1975 was 6.3 million bpd, 0.1 million bpd higher than 1973 but 0.7 million bpd ( 10% ) under projected demand. 3. Increased crude and major product inventories. a. January 17, 1975 crude and major product inventory was 794 million bbl, 99 million bbl higher than the same date in 1973. b. 105 million bbl increase since April 12, compared to only 38 million bbl increase during the same period in 1973.