Word: bbl
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Dates: during 1980-1989
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...more oil than Saudi Arabia. It turned out that he was comparing oil already discovered in Saudi Arabia with oil that might someday be found in Alaska ?and even on that basis he got the figures wrong. The highest guess for possible Alaskan reserves is 100 billion bbl., of which only 9.6 billion bbl. are considered proven reserves. Saudi Arabia has 200 billion bbl. in proven reserves alone, and perhaps as much as 530 billion bbl. in possible reserves...
...fact, such an apocalyptic outcome seems to be highly unlikely, at least any time soon. But the oil price surge of 1979, which has sent the worldwide cost of crude leaping by more than 100%, to $30 per bbl., is placing unexpected new pressure on international banking and financial institutions...
Saudi Arabia's domestic problems and its oil policy are inextricably linked. Progressive members of the royal family, including Fahd, have argued that current high production levels (9.5 million bbl. per day) are necessary to stabilize the world oil market and assist important allies like the U.S. At the current price of $26 per bbl., Saudi Arabia's oil revenues could surpass $90 billion this year...
...more conservative groups, including religious and tribal elements, have challenged the wisdom of the government's high-production policy at a time when 1) the country needs to produce only 6 million bbl. per day to maintain current budgets and 2) the U.S. has been unable to secure autonomy for the Palestinians in the Israeli-occupied West Bank and Gaza Strip and return the Muslim shrines in the Old City of Jerusalem...
Stripper oil: Any big oil company with a well that yields less than 10 bbl. per day will pay a 60% tax on that oil, above a base rate of $16 per bbl. Smaller companies will pay at a 30% rate...