Word: bbl
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Dates: during 1970-1979
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...their customers, the OPEC ministers in effect have already decided to pile another price increase on top of the 35% rise that they have put into effect since December. The only question is how large it will be. Prevailing guess: the "marker" price will go up to $20 per bbl., from $14.54 now, bringing the total increase since December, when the price was $12.70, to about 50%. Still unsettled is the question of whether that will be a unified charge or merely a base to which individual OPEC members will add surcharges; such surcharges now bring the average OPEC price...
...will further fan the inflation that is raging at double-digit fury in the U.S., Britain, France and Italy. U.S. Treasury Secretary Michael Blumenthal estimates that petroleum increases alone have so far this year jacked up the inflation rate by 2.5% in the industrial countries. A further $5.45-a-bbl. boost is likely to siphon an additional $80 billion a year out of the major industrial nations, reducing their citizens' ability to buy food, clothes, houses?indeed, everything except oil. Result: further slowing of growth rates that have only recently begun to pick up (see ECONOMY & BUSINESS), and increasing unemployment...
...cost of mankind's most important energy resource by 14.5%, gravely inflaming global inflation. Worse, surging demand has enabled the OPEC nations to tack on one premium and surcharge after another, raising the actual price for most grades by as much as 30%, to $17 or more per bbl. Next week such cartel militants as Iran, Algeria and Libya will press for an additional jump of at least 40%. To make the extortionate price stick, Iran's oil chief, Hassan Nazih, declares that Iranian production, which is now little more than half its prerevolutionary 6.5 million bbl. daily...
...with a raise of a mere 20% to 25%, arguing that this will remove the need for premiums and surcharges. But only a sharp increase in production will accomplish that, and so far the Saudis have given no sign of being willing to boost their output of 8.5 million bbl. per day by more than 500,000 bbl...
...House Banking Committee has already approved a less ambitious partnership plan of its own. Its bill, an amendment to the Defense Production Act of 1950, would permit the Government to become the buyer of last resort for up to 500,000 bbl. daily of oil from coal, shale and other alternative sources. That would amount to about 8% of current U.S. imports. For now, the synthetic fuel is too expensive to compete with OPEC crude, but the Government's guaranteed market for the product would encourage companies to invest and get the new industry off the ground...