Word: bbl
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Dates: during 1970-1979
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...significantly too. At a meeting next week, the Organization of Petroleum Exporting Countries is expected to approve a coordinated production drop of at least 10% by all twelve members. Even Saudi Arabia, which has long publicly advocated a reduction in oil prices, is reducing production instead-by 850,000 bbl. per day this month, down 10% from July. Meanwhile, prices continue to rise. Oil imported into the U.S. in July hit a record $11.69 per bbl.; the cost of paying for it pushed the U.S. foreign trade deficit to $728 million, the third highest monthly red-ink figure ever recorded...
...prices do eventually drop, it probably will not be as a result of the next O.P.E.C. meeting in Vienna in September. At the latest meeting in Ecuador in June, Saudi Arabian Petroleum Minister Ahmed Zaki Yamani pressed for a cut of $2 per bbl. in the posted price of $11.65 per bbl. for light crude. (The posted price is a theoretical figure, but it helps to determine the actual price because it is the number on which taxes and royalties levied against the oil companies are based.) Yamani had all he could do, however, to keep the other O.P.E.C. members...
Wyoming already ranks as the nation's leading producer of uranium and soda ash and is the source of more than 12 million bbl. of oil per year. But even greater promise is offered by more than 545 billion tons of coal. At present rates of use, Wyoming could supply the nation's total coal demand for a quarter-century. Much of the coal is low-polluting, low-sulfur sub-bituminous that lies in miles-long, 45-ft.-thick seams only a few feet below the surface...
More important, the Saudis announced that for the first time they will auction some of the more than 5 million bbl. of oil daily that they receive from their 60% ownership of the Arabian American Oil Co. (Aramco). Unlike Kuwait, which two weeks ago announced that it will no longer auction its crude because offered prices were too low, the Saudis will accept whatever they are bid. The first auction will take place in August and could involve most of Saudi Arabia's share of Aramco's output. Initially the oil will probably sell for as much...
...Countries, most of which are eager for yet another boost. Algeria and Venezuela are considering cutting back production in an attempt to keep prices at their current levels. In Kuwait, the government recently beat back an attempt by some members of Parliament to slash daily output to 1.5 million bbl. from 2.5 million bbl...