Word: bbl
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Dates: during 1980-1989
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...bankruptcy filing is a supreme irony since Texaco would be in robust financial health if it had never tangled with Pennzoil. In the U.S. alone, Texaco has 1.7 billion bbl. of oil reserves, worth $9.6 billion, and 5.l trillion cu. ft. of natural gas with a value of $3.l billion. Before last week, Wall Street analysts had projected Texaco's profits to be more than $650 million for this year and nearly $790 million...
...domestic production faltered last year, imports rose by 900,000 bbl. a day, a 28% increase. The U.S. now depends on foreign producers for 38% of its supplies. In 1973, when oil prices surged in the wake of the Arab embargo against the U.S., Americans relied on foreign producers for 35% of their oil. As in the halcyon days of the 1960s, Americans believe they ought to be able to buy big cars if they feel like it or turn up the thermostat at every chill...
...moment the worldwide oil glut enables the American public to indulge its taste for imported energy without driving up prices. Excess capacity totals some 12 million bbl. a day, about 75% of which can be found in the Middle East. But the glut may vanish within five years, as growth in non- Communist economies soaks up the surplus. Says Daniel Yergin, president of Cambridge Energy Research Associates, a Massachusetts-based consulting firm: "We expect the world oil market to look radically different in the early 1990s...
...striking difference will be the falloff in British oil production from the North Sea. Last year 2.56 million bbl. a day were produced. By 1992 the output is expected to drop below 1.7 million bbl. a day, making Britain a net importer of oil for the first time since 1980. While Mexico's reserves should last well into the 21st century, its production is expected to stay flat for the next few years. Because of the shaky state of the Mexican economy, Pemex, the state-owned oil company, will probably be unable to make the investments needed to bolster...
...often as accurate as gazing into a crystal ball, the National Petroleum Council report could turn out to be wrong. A more optimistic outlook is offered by the Energy Information Administration, a division of the Department of Energy. It estimates that oil will sell for less than $20 per bbl. for the next five years and that not until the year 2000 will the U.S. be dependent on foreign supplies for about 55% of its consumption...