Word: bbl
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Dates: during 1990-1999
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...slow lane. From New England computer makers to California missile builders, many industries that boomed in the go-go '80s have slumped in the slo-mo '90s. But the sudden spurt in the cost of crude oil brought on by Iraq's invasion of Kuwait -- from about $20 per bbl. on Aug. 1 to a high of more than $28 per bbl. last week -- threatened to turn an already painful slowdown into a full-blown recession. Says Richard Bermer, an economist for Salomon Brothers: "The question is no longer whether there will be a recession but how deep it will...
Imports of crude oil from Arab OPEC countries in thousands of bbl...
Fully loaded supertankers are anchored offshore awaiting space to unload their cargo. Even if Iraq's daily production of 3.1 million bbl. or Kuwait's 1.9 million bbl. were cut off, either by military action or by a U.S.-led embargo, a serious shortage would take time to develop. Countries like Saudi Arabia and Venezuela, which are producing below their capacity, could quickly fill...
...event of a true oil emergency, the industrialized nations are far better prepared than they were in the 1970s. The U.S. now has 590 million bbl. of crude squirreled away in salt domes in Texas and Louisiana. That is enough to satisfy America's gas-guzzling habit for about 34 days. Japan has a similar reserve that would last 142 days...
...greater cause for concern. The country relies more on foreign fuel today than it ever has, importing 49.9% of its total consumption. If prices rise $3 per bbl., as OPEC wants, the total U.S. import bill will be fattened by about $9 billion, to $63 billion a year. And, unlike the Japanese, Americans tended to relax their efforts to conserve fuel once it became cheap again. At this point, economists do not expect a $3 oil hike to stunt economic growth seriously in the U.S., but even a slight shock is painful with the economy as weak...