Word: bbl
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Dates: during 2000-2009
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Like the Ewing and Barnes families on Dallas, the quarrelsome clan that is the OPEC cartel serves as a comforting reminder that the rich have troubles too. OPEC's bench-mark oil price of $28 per bbl. has lately been undercut by non-OPEC producers like Mexico, which last week slashed prices on its best light crude by $1.25 per bbl., to an average of $26.50. Several OPEC members have been cheating on the cartel's production quotas, thus contributing to an oil glut and sliding prices on the world market...
...Geneva. Oil Minister Sheik Ahmed Zaki Yamani of Saudi Arabia, which has OPEC's richest reserves of both oil and cash, has reportedly threatened that if there is no progress in Geneva, his country will double its current production of crude, which could send the price below $20 per bbl., its lowest level since 1979. The oil producers' loss would be a big gain for the U.S. and other industrial economies. CLOTHING All in the Family...
...deficit by $338 billion over the next three years. The original Senate budget contained only $295.2 billion in deficit reductions by 1988, while the House budget proposed an even less impressive $259. 1 billion in savings. The new plan has two particularly controversial features: a $5-per-bbl. fee on imported oil that would bring in some $25 billion over the next three years; and a biennial, rather than annual, inflation adjustment on income taxes as well as Social Security and other entitlement programs, which would save the Government $19 billion...
...INDICATORS Negative Energy OPEC agreed to lift its official production ceiling by almost 2%, pledging a similar lift before June if oil prices remain high. But with the cartel's members already exceeding the limit, oil prices continued to rise, reaching $57 a bbl in New York for the first time...
TIME: Crude is about $50 per bbl. Where do you see oil prices heading the rest of winter and into summer...