Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...face of soaring oil-company profits and that its repeal would eventually pass in some form. Long abandoned any prolonged fight to preserve this tax loophole. The Senate then cast preliminary votes to take away the protection from all but the "mom-and-pop companies" (those producing 2,000 bbl. per day or less...
Irksome Dilemma. The huge shortfall was aggravated by the global recession, which slowed the growth of world trade. Some economists argue that the numbers are no cause for alarm contending that the U.S. will attract more foreign capital when its economy perks up. Nonetheless, the nagging, $10-per-bbl. question remains: How fast can an economy recover when it is forced to send abroad a large share of its income to pay its oil bills...
...current production levels, Venezuela's proven reserves will run out by about 1990. The government intends both to deplete the reserves slowly and to keep prices high. Like most members of OPEC, Venezuela is reducing output to bolster prices in the face of shrinking demand. From 3.3 million bbl. per day in 1973, the country's production slid to 2.9 million last year and is 2.5 million at present...
Helping Hand. Venezuela has consistently refused to give its neighbors any break on oil prices. The government has announced, however, that it is setting aside all revenues received from Central American nations in excess of $6 per bbl. (the oil now sells for about $10.44 per bbl.), and is lending the money back to those nations for development projects. The interest charged is reasonable-from 6% to 8%-but the Caracas government must approve the uses to which the loans are put. To a degree, Venezuela's helping-hand programs smack of a paternalism that at another time...
...bombast could hide the concerned mood of the meeting. The recession in the industrialized world, caused in part by towering oil prices, has sharply reduced demand for OPEC crude. This has lowered revenues for oil producers, who have had to cut production. OPEC output, which averaged 33 million bbl. a day in 1974, is now down to an average rate of 27 million bbl. Cartel officials note that even with shrinking demand, oil producers are taking in more money now than they were a few years ago. Yet the more production falls, the closer OPEC comes to an exquisitely difficult...