Word: bbl
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Dates: during 1980-1989
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...widespread concerns that leaking chemical drums were contaminating thousands of disposal sites. Critics of the ban, including the Chemical Manufacturers Association, had claimed that sorting out liquid from solid toxic wastes and then getting rid of them was prohibitively expensive. Incineration, for example, costs more than $100 per bbl., vs. $25 simply to bury the stuff. EPA officials admitted last week that even before the ban went into effect, they had decided to scuttle it as "unworkable." Edgy environmentalists think that may still happen, despite last week's retreat by the agency. Reason: the EPA filed a separate proposal...
...desperate attempt to halt the drop in prices, members of OPEC gathered in Vienna over the weekend and announced an agreement for a modest production cut of 200,000 bbl. a day to 18 million bbl. a day. It is the first time the members have agreed jointly to curtail output in order to stabilize prices. Nevertheless, a number of OPEC states are already badly in need of cash, and will be sorely tempted to increase production in the weeks and months ahead...
Though petroleum imports into the U.S. market have dropped from 6.8 million bbl. to 4.8 million bbl. per day during the past twelve months, the slide may be simply setting the stage for a renewed supply squeeze, and a surge in imports, once the economy starts to grow again. Though an energy tax would help prevent foreign suppliers from regaining their former economic leverage over the U.S., lawmakers are beginning to see an even more compelling reason to enact a levy. Properly drawn, a tax would help close the revenue chasm in future Administration budget projections...
...badly need to sell every barrel of crude they can pump. One such country is Nigeria, which is burdened with a population of 80 million and a superambitious agricultural development program. In a desperate move to boost sales, the government last week threatened to slash a full $5 per bbl. off its officially quoted $36.50 price, in order to compete with non-OPEC oil from the North...
Saudi Arabia, which produces 40% of OPEC's oil, holds the key to any agreement that would keep prices from plunging still further. The Saudis could dry up the supply glut singlehanded by slicing their output, now at about 7.5 million bbl. per day, to 5 million bbl. But the House of Saud cannot go below 6.2 million bbl. per day without dipping into capital reserves to finance a variety of ambitious construction and industrialization plans. The Saudis are also reluctant to step out on a limb within OPEC. Says Lawrence Goldstein, research director of the Petroleum Industry Research...