Word: bbl
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Dates: during 1970-1979
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...essentially a holding action. The Saudis have argued that the posted price of oil, on which the taxes and royalties paid by oil companies are based, should be cut by $2 or more from its present lofty $11.65 per bbl. They fear that sky-high oil prices will create unmanageable trade deficits for their customers. The Saudis also hope that by cutting oil prices they can negotiate a better deal on the technology, goods and services that they hope to import from industrialized nations, as well as hold back the development of alternate sources of energy...
...price petroleum on the market. In order to keep the cartel together, the delegates settled on a compromise that will hold posted prices steady but raise by 2% the royalties that they collect on each barrel from the companies. That works out to a mere 5? per bbl., or roughly one-eighth cent on a gallon of gasoline...
...pricing system, the four American oil companies (Exxon, Texaco, Standard of California and Mobil) that have part-ownership of Aramco will have to "buy back" 60% of Aramco's daily output at 93% of the posted price, raising the market price of Saudi crude by about $1 per bbl. But when the Saudis take complete control of Aramco, they will have to set directly whatever price they think suitable-and the world is waiting to see how low it will...
...hopes that high gasoline prices will make motorists keep auto engines tuned up, forgo unnecessary trips and form car pools. If each driver cut his gas consumption by 15%, the overall saving would be about 680,000 bbl. per day, or 10% of total demand...
Thus the boosts in posted prices for crude oil-from $3.01 per bbl. last October to $11.65 now-were long overdue. Moreover, Amuzegar said, the producing nations want to cooperate in world development, the oil embargo notwithstanding, because "we are all in the same boat...