Word: bbl
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Dates: during 1990-1999
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CRUDE OIL PRODUCTION 150 million bbl. per year...
...week, they will try to avert the disaster that was arising because prices have been collapsing. Asia's stalled economies and a very warm winter have cut oil consumption way below what was projected for 1998. Result: a 50% plunge in oil prices from early 1997, to $13.31 per bbl. And with storage tanks brimming, the price looked poised to fall even further--to $10 per bbl., or lower...
What a change from a little more than a year ago, when many expected a tightening oil market to send prices soaring above the $25-per-bbl. level that oil then commanded. How sweet is it for motorists, then, to have enjoyed gasoline prices that, adjusted for inflation, are lower than at any time in memory--and lower than average prices during the Depression. Even the higher crude-oil prices of the past few days, should they hold, will add only 5[cents] to 10[cents] per gal.--still keeping retail gasoline prices near their historic lows...
...Caspian Sea and offshore West Africa. This diversification acts as an insurance policy against supply disruptions. The growing role of natural gas in the overall energy mix provides a further buffer. Information technology has also allowed the industry to search for oil and make a profit at $15 per bbl., about half the threshold of just a decade ago. For example, the industry has adapted the computer-visualization techniques Hollywood used in movies like Jurassic Park for 3-D seismic visualization of potential reserves deep underground...
...interest rates are partly the result of cheap oil prices. And Wall Street expects that a defeated Iraq would be allowed to flood the world with oil to raise money to rebuild, which is one reason the price of crude has slumped since October from $23 to $16 per bbl. But would Iraq be treated with such kindness if an allied mission were unsuccessful? Doubtful. Such an outcome could reverse psychology in the oil market and send prices higher, stoking inflation and squeezing stocks and bonds...