Word: bbl
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Dates: during 1970-1979
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...meeting began, Iran's Ali Akbar Moinfar announced that, whatever happened, the revolutionary government was immediately bumping its price to $28.50. In a move that topped Iran's, Libya's Ezzedin Ali Mabruk then declared that his government was lifting its price to $30 per bbl. Not to be outdone, the Nigerians jumped...
...that would keep prices high even if demand sags. But several members, including Venezuela, resisted on grounds that production levels are a matter of national sovereignty. Among those opposing the cutbacks was Iraq, which has invested heavily in oil development and is now pumping some 3.7 million bbl. daily, making it OPEC'S second largest producer after Saudi Arabia (9.5 million bbl...
Midway through the fourth day, the ministers called it quits. An exhausted Yamani pledged to hold Saudi prices firm at $24 per bbl., but he was well aware that the survival of the cartel was now in question. Said he, trying to put the best face on his defeat: "There will definitely be a [global] recession. We will notice a sharp drop in the spot market. Then there will be some sort of unification of price levels among OPEC members...
Besides stricter conservation, one vital policy for the U.S. is to boost the use of coal and the production of syntheic fuels, including shale oil. The U.S. could be producing as much as 6 million bbl. of "synfuels" a day by 1990, equal to about 75% of all current imports. Jimmy Carter wants the financing for his own more modest synfuels program to come from his proposed windfall profits tax; it would be levied on the increased revenues that U.S. oil companies have been earning since price controls on oil began to be phased out last June. But Congress must...
...rack men's suits, the 25? Hershey bar and the $3.50 martini. Millions of Americans had to postpone their dreams for a home of their own; the average price of a few-frills new house surged from $59,000 to $65,000. Crude oil spurted to $45 per bbl. on the spot market, and gasoline sold for up to $1.28 per gal. at the pump...