Word: bbl
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Dates: during 1980-1989
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...were in the Persian Gulf. Seemingly out of nowhere, an AIM-9 Sidewinder air-to-air missile blew a 2 1/2- ft. hole in the ship's superstructure. Fortunately, the errant missile was not armed with its customary exploding warhead and missed the ship's cargo of 26,000 bbl. of oil. The 9-ft. projectile was apparently launched during training maneuvers by an F-14 fighter from the Naval Air Station at Oceana, Va. While the Navy insists it had announced over marine radio that it would be conducting exercises in the area, a spokesman for Sun, the ship...
...price of oil has tumbled to nearly $10 per bbl., Mexico has been in ever greater danger of defaulting on its $98 billion foreign debt, a calamity that would shake the world financial system to its core. But Mexico took a step back from the abyss last week when its Finance Minister, Gustavo Petricioli, flew to Washington to sign an agreement with the International Monetary Fund that could generate $12 billion in new loans to spur Mexico's economy and make up for lost oil-export revenues. The deal was noteworthy because it suggested that the IMF could be moving...
...Mexico to trim its deficit to 5% of GDP. The new loans are intended to help Mexico boost its growth rate from an estimated -4% this year to 3.5% in 1987. If the economy falls short of this goal, or if the price of oil drops below $9 per bbl., the agreement calls for additional loans. In return, Mexico pledged to continue a program of economic reforms, including denationalization of industries and liberalization of trade restrictions...
...Park Service now faces similar obstacles in Oklahoma. The Osage Indians, who own the mineral rights in Osage County (where some 15,000 wells produce 22,000 bbl. of oil a day), oppose the establishment of a park. Says George Tallchief, principal chief of the tribe: "It will make it prohibitive for independent oil producers to come in and drill." Local ranching interests are also unhappy about losing valuable grazing land, which they insist is already in good hands. "This is my heritage here," says Rancher Mark Freeman Jr. "Who in the hell do you think has kept this prairie...
Indeed, the Saudis find themselves staring at a double-barreled gun. While their policies caused the drop in oil prices from $28 per bbl. to $10 per bbl. over the past six months, that decline has cut deeply into the kingdom's revenues. Compounding its woes has been the continued collapse of a building boom that transformed the desert nation (pop. 6 million) into a land of superhighways, high-rise offices and shopping malls. At the same time, recent successes of Iran in its war against Iraq (see following story) have made the security-conscious Saudis extremely nervous. By invading...