Word: bbl
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Dates: during 1970-1979
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...nations increase their oil output, most economists expect the world price of crude to drop; and, indeed, last month the major oil-exporting nations appeared to recognize that the dizzying upward price spiral had ended. At a meeting in Vienna, they pledged to hold the line at $10.80 per bbl. until June 30. Last week, however, Indonesia surprisingly lifted its price to $11.70, thus violating the freeze agreement...
...drilling rights will make a killing. Although the Government controls the price of most oil, two important categories are exempt from regulation: "new" crude (the amount a well produces in excess of what it pumped during the corresponding period in 1972) and oil from "stripper" wells that produce 10 bbl. a day or less. Stripper oil is selling for as much as $10 per bbl., enabling the owner of a well that produces 5 bbl. daily to turn a profit from a property that a year ago would have been shut down as uneconomic...
...main reason for their silence is that the Arabs now face a tough choice between increased output and higher prices; they cannot have both. U.S. Energy Chief William Simon estimates that during the embargo period world daily demand for oil fell 5 million bbl. below prewar forecasts, to 46.4 million bbl...
Even if oil becomes more abundant, demand is not likely to grow much-in part because the Arabs have taught the world the need for energy conservation. in part because at present exorbitant prices, roughly $11 per bbl. for crude, the world's consumers simply cannot afford to buy much more. Any big influx of Arab oil into world markets would almost inevitably produce a temporary oversupply that could crack prices...
...some brands of gasoline could cost even more at the pump in coming weeks because many refiners will be blending high-priced Arab crude into their product and importing expensive fuel from Europe. But shortages should ease quickly; the Federal Energy Office will permit an immediate 11 million bbl. drawdown from refiners' inventories, the fourth so far this year...