Word: bbl
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Dates: during 1980-1989
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...Iraq war. Iraq responded by curtailing air sorties against Iranian oil fields and halting strikes on tankers carrying Iranian oil. The U.S. naval presence has also discouraged Iraqi air attacks. All that has enabled Iran to boost its oil exports through the Persian Gulf from an estimated 1.5 million bbl. a day last month to an estimated 1.9 million bbl. today, greatly increasing its revenues...
...cheap energy that began early in 1986 already over? That question arose last week as the price of crude oil on the New York futures markets edged past $20 per bbl. for the first time in 17 months. Industry experts said traders have been jittery about increased conflict in the Persian Gulf region, which supplies 20% of the oil consumed by the Western nations, since the attack on the U.S.S. Stark by an Iraqi plane last month...
...increasing supply of crude, however, is likely to drive the price below $20. The Organization of Petroleum Exporting Countries is now pumping 17 million bbl. a day, well above its official production ceiling of 15.8 million bbl. The consensus of energy forecasters: oil will not return to last year's $10 trough any time soon, nor will it climb to the $30-plus range that bedeviled consumers in the early 1980s...
...relative's money for the prince's exorbitant expenses. In return, the wide-eyed p.r. man was promised he would be made the "exclusive agent for Saudi oil in the U.S.," with commissions of 20% of sales flowing to him. One deal involving shipments of 500,000 bbl. a day, Miller was assured, could realize up to $14 million, which would go to the contras through CIA operatives in El Salvador...
...energy companies. Interior Secretary Donald Hodel renewed the debate last week by proposing that a section of the Arctic National Wildlife Refuge be opened to drilling. He would permit exploration on 1.5 million acres of the 19-million-acre preserve, which could contain between 600 million and 9 billion bbl. of crude. Conservationists contend that drilling would disturb the region's delicate ecosystem for little reason: a strike, they claim, would add just 4% to U.S. oil reserves. Canada also objects to drilling, for fear that caribou migration patterns would be disrupted. Hodel observed that caribou populations in Prudhoe...