Word: barrelfuls
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...price hawks in the 13-nation Organization of Petroleum Exporting Countries, Nigeria for years kept the oil-consuming nations of the world over a barrel by forcing world oil prices relentlessly higher. Now that demand for petroleum is slumping on markets everywhere, however, the price of crude has dropped from $40 per bbl. to $28 per bbl. on the unregulated spot market. As a result, the economic outlook for the 90 million inhabitants of Nigeria, black Africa's wealthiest and most populous nation, has suddenly turned bleak...
...markets were not giving any clear indication last week about whether the cut would firm up prices. The cost of competing North Sea oil on the spot market slid a few cents a barrel, to about $28, approximately the same level as the week before. Oil experts say that it may be several months before the effects of the OPEC cuts can be fully evaluated...
...most startling and significant example of this change in underlying trends is the price of oil. Nothing did more to propel inflation ever higher during the 1970s than the success of the Organization of Petroleum Exporting Countries in raising the benchmark price of a barrel of crude from $1.80 in 1970 to $34 now. Besides the skyrocketing increases in retail prices of gasoline, the spiral helped drive up everything from apartment rents, which are affected by fuel costs, to the price of food, which is hauled to supermarkets in diesel-burning trucks...
...Criminals now rule the streets of our cities and towns, and the handgun is their scepter," he said, voicing support for a Senate bill which would ban the sale of handguns with barrel length less than three inches...
Several cartel members are short of cash and badly need to sell every barrel of crude they can pump. One such country is Nigeria, which is burdened with a population of 80 million and a superambitious agricultural development program. In a desperate move to boost sales, the government last week threatened to slash a full $5 per bbl. off its officially quoted $36.50 price, in order to compete with non-OPEC oil from the North...