Word: bbl
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Dates: during 1990-1999
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...many, Kuwait Inc. is a term of derision. To Kuwaitis, the staggering fortune their nation has accumulated, and particularly the way it has been invested and saved, is a matter of pride. With 94.5 billion bbl. of oil in the ground, enough for more than a century of production, Kuwait boasts the world's third largest proven petroleum reserves. But unlike other nations, which spend their oil revenues almost as fast as they come in, Kuwait long ago decided to save for the future. So successful has the effort been that for some years before Saddam's perfidy, Kuwait...
Their efforts can be surprisingly effective. Barbara Lewis' sixth-grade class at Jackson Elementary School in Salt Lake City not only pressured the Environmental Protection Agency into clearing a 50,000-bbl. hazardous waste dump but helped push through a reluctant state legislature a bill to pay for such cleanups. "Parents believe you can't beat city hall, and find reasons not to get involved," says Andrew Altman, a spokesman for Greenpeace. "Kids don't have that kind of cynicism. They just get things done...
...windfall gain of something on the order of $40 billion" from the crisis by stepping up oil production and selling crude at higher prices. Other estimates run up to $50 billion a year. Western diplomats in Riyadh assert, however, that such calculations assume a price of $30 per bbl. maintained for a full year and that current prices are well below that. They estimate the Saudi windfall at $8 billion to $10 billion during the first five months of the crisis, which would project to $19 billion to $24 billion a year...
...busiest exploration areas in North America. Even Petrobras, the national oil company of Brazil and a deep- drilling pioneer, has established a Houston-based subsidiary to get in on the action. The lure of the Gulf is irresistible: estimated oil reserves of up to 36 billion bbl., nearly four times as much as in Alaska's Prudhoe Bay. Companies have snapped up nearly 1,700 federal drilling leases at depths of 370 m (1,200 ft.) and beyond. Some 25 rigs are currently in operation, and several big production projects are in the works...
...mile-long share of Rumaila squarely on Iraqi turf. Alternatively, Kuwait could agree to turn its proceeds from Rumaila over to Baghdad. Though the field is extraordinarily bountiful, its loss would not seriously dent Kuwait's oil riches. Prior to the invasion, Kuwait was extracting some 10,000 bbl. a day from Rumaila, just 0.5% of its total production of 2 million bbl...