Word: bbl
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Dates: during 1970-1979
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More immediate is the promise of oil. Though its proven reserves primarily in western Sinai and offshore in the Gulf of Suez total only 3 billion bbl. (v. 110 billion bbl. for Saudi Arabia), Egypt already produces enough oil to fill its own needs and provide a sizable surplus. This year, the country is again an oil exporter, to the happy tune of $311 million. Sadat predicts that the figure will jump to $1.5 billion by 1980. In addition, Egypt has largely untapped deposits of phosphates and iron...
...session at the beach resort of Caraballeda outside Caracas, Yamani gave his fellow oil ministers a tough display of Saudi Arabian power in oil politics. Arguing that the international economy is too weak and world oil supplies too high to support an increase over the current $12.70 per bbl. price, Yamani pushed OPEC in effect to accept a freeze for at least the first half...
Carlos never showed, and the real specter hanging over the meeting was the growing worldwide glut of oil. During recent months the world has been awash with excess production of some 2 million bbl. per day, and Western oil stocks are currently 25% above pre-1973 embargo levels. Producers like Libya and Algeria, even while arguing for an official price hike, have been shaving their market prices by 40¢ or more per barrel...
...oversupply has been caused primarily by the arrival of oil on the market from new North Sea, Alaskan and Mexican wells. Those three areas are now producing an estimated 2 million bbl. per day?precisely the amount of the current surplus. Oil Minister Mani Said Utaiba of the United Arab Emirates admitted at the conference: "We can't talk about increasing prices because there are too many barrels of oil every day in the market. If we increase the price, we won't be able to sell...
...m.p.g. will be taxed $300. If the mileage is below 13, the bite will be $550. Tax levels will steadily rise, and by 1985 cars doing less than 12.5 will be taxed a whopping $3,850. In that year, the levy is ex pected to save 175,000 bbl...