Word: bbl
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Dates: during 1990-1999
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Sure it is. Because Americans consume 17 million bbl. of oil daily, dumping 12 million bbl. on the market may be spitting in the ocean. And the reserve will thus sell for $21 per bbl. oil that was purchased for $27. That's some kind of deficit reduction...
...drivers of all types of vehicles are sacrificing fuel economy by taking full advantage of new, higher speed limits in many states. As a result of this national indulgence, industry experts estimate that third- and fourth-quarter consumption of gasoline this year will reach 8 million and 8.1 million bbl. a day, respectively, a 7.5% and 10% increase over last year...
...supply side has traveled in the opposite direction. Since 1981, the number of U.S. refineries has dropped steadily, although capacity has held at around 15 million bbl. a day since the mid-1980s. That seems like plenty, but refineries, like most industries, operate on a "just-in-time" inventory system, meaning they buy supplies of crude oil just before they need them, keeping barely adequate inventories of refined products on hand. The industry currently has 203.5 million bbl. of gasoline in storage, compared with 210.7 million bbl. at this time last year. Inventories of crude oil are even more depleted...
This just-not-in-time shortfall has been accelerated by apparently overoptimistic expectations that negotiations between the U.N. and Iraq would shortly bring a return to the marketplace of Iraqi oil--700,000 bbl. a day--which would lower oil prices. That hasn't happened, so refiners are buying higher-priced crude and passing along their increased costs to drivers...
...turn, gave them little time to convert their production to meet the blossoming spring and summer demand for gasoline. In the week ending April 19, the American Petroleum Institute reported that gasoline production, hobbled by a series of accidents and closures of refineries, slipped more than 220,000 bbl. a day, to just under 7.3 million bbl. By Memorial Day, production will be about 320,000 bbl. a day lower than at the same time last year...