Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...lasting peace likely in the Middle East, or might renewed fighting lead to a reimposition of the Arab oil embargo? Despite all these puzzlers, top U.S. economists now agree on two conclusions: barring war or other disaster, the day of panic bids as high as $17 per bbl. for oil is over, and the direction of world prices is definitely down...
...price of Persian Gulf crude now stands at $10.50 to $11 per bbl., nearly triple the price a year ago. Alan Greenspan, a member of TIME's Board of Economists, expects a drop of about $1 or $1.50 per bbl. by year's end. Philip Verleger Jr., an energy expert at Data Resources, Inc., would not be surprised if the price falls $2. A Nixon Administration economist looks even farther: "I calculate a $4 drop in oil from the Persian Gulf by 1976." Any of these scenarios would leave prices far enough above the pre-embargo level...
...optimism about a price decline is based on the iron law of supply and demand. In the very near future, there will be more oil for sale than there are buyers for it at current prices. World production already has slightly passed last September's 47.8 million bbl. per day, and energy-conservation efforts are holding down demand. By maintaining a 55-m.p.h. speed limit and cutting back on other uses of fuel, the Federal Energy Office reports, the U.S. is saving 1 million bbl. per day. The present sky-high prices are discouraging consumption. Gasoline prices...
...prices in the nation. At least five refineries have been proposed from Maine to Rhode Island in the past year. Only last month the voters of the university town of Durham, N.H., turned down a bid by Aristotle Onassis' Olympic Refineries Inc. to build a huge 400,000-bbl.-per-day facility. Their objection: the refinery would mar the unspoiled coastline...
...Business News, a Jakarta paper, editorialized: "It is proper for us to determine our oil-price policy based on our own interest." That interest swiftly became clear when the Japanese, who buy about 80% of Indonesia's exports of 1 million bbl. per day, agreed to the boost. The U.S., which imports 17% of Indonesia's output, has no choice but to pay up too-and hope that the logic of supply and demand will prevail when the other petroleum exporters review prices July...