Word: barrelling
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Dates: during 1980-1989
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...spot price for Saudi Light crude to about $28 per bbl. That is well under OPEC's official benchmark price of $34 per bbl. but not low enough to suit refiners, who in the U.S., for example, are able to sell what they can make from a barrel for only $26 to $27. As delegates from the 13 member nations harangued, haggled and tried to hammer out a scheme of prices and production quotas that would stabilize the market, Venezuela's Humberto Calderón Berti warned, "If we start fighting, all of us, the price will...
Since late 1973, when OPEC jacked up its charge for a barrel of oil from $3.07 to $11.65, crude prices have moved mostly in one direction: up. The big question, especially after the 1979 Iranian revolution ignited a wave of increases that pushed the official price from about $13 to $34, was: How high would the price go? Now the question is: How far will it drop? The answer, as ever, is: Nobody knows...
...announcement was stunning, not only for the historic implications of the crack in OPEC but also because the cut is even larger than it seems. A barrel of Nigeria's Bonny Light crude, once refined, yields a higher-priced product mix than does the Arabian Light oil on which the OPEC bench-mark price is based. The Saudis used to insist that the "differential" should be $3, but more recently have reportedly been willing to accept $1.50. Even at that, the official OPEC price would have to fall to $28.50 to make it competitive with $30 Nigerian...
...move would mean needlessly perpetuating the cruel exigencies that conservation has forced on us. High prices for gas and heating fuel place an extraordinary burden on the poor, whose "conservation" efforts frequently mean choosing food over heat in the winter. The depressing economic influence of a $15-a-barrel tax on oil imports, according to Safire's own estimate, would cost us one million jobs. Liberal supporters of an oil import tax suggest that revenues from the tax be channelled to the poor, but, given the current political climate, it would be naive to expect such an allocation. The money...
...inadequate to stimulate domestic energy production. Higher prices have admittedly moved the oil companies to step up their drilling, but exorbitant levels are needed to sustain even a modest amount of new exploration. The relatively small drop in imported oil prices since December, 1981 (slightly less than $6 per barrel) has caused the number of rigs in operation to drop by more than half. Once again, specific regulatory action--such as subsidies for oil exploration and development of alternate energy sources--would be more effective and less damaging than a hamhanded oil import...