Word: bbl
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...price of oil has tumbled to nearly $10 per bbl., Mexico has been in ever greater danger of defaulting on its $98 billion foreign debt, a calamity that would shake the world financial system to its core. But Mexico took a step back from the abyss last week when its Finance Minister, Gustavo Petricioli, flew to Washington to sign an agreement with the International Monetary Fund that could generate $12 billion in new loans to spur Mexico's economy and make up for lost oil-export revenues. The deal was noteworthy because it suggested that the IMF could be moving...
...Park Service now faces similar obstacles in Oklahoma. The Osage Indians, who own the mineral rights in Osage County (where some 15,000 wells produce 22,000 bbl. of oil a day), oppose the establishment of a park. Says George Tallchief, principal chief of the tribe: "It will make it prohibitive for independent oil producers to come in and drill." Local ranching interests are also unhappy about losing valuable grazing land, which they insist is already in good hands. "This is my heritage here," says Rancher Mark Freeman Jr. "Who in the hell do you think has kept this prairie...
Indeed, the Saudis find themselves staring at a double-barreled gun. While their policies caused the drop in oil prices from $28 per bbl. to $10 per bbl. over the past six months, that decline has cut deeply into the kingdom's revenues. Compounding its woes has been the continued collapse of a building boom that transformed the desert nation (pop. 6 million) into a land of superhighways, high-rise offices and shopping malls. At the same time, recent successes of Iran in its war against Iraq (see following story) have made the security-conscious Saudis extremely nervous. By invading...
...sheer size of the potential petroleum "tax break" is stunning. Last year the U.S. economy consumed some 15.7 million bbl. of crude oil a day, at an average price of $27 per bbl. Total cost: $155 billion. According to the Washington Analysis Corp., an economics- and market-research firm, a petroleum price of about $10 per bbl. for the rest of 1986 would boost American disposable income by $84 billion this year, or roughly $330 for the average wage earner. More conservatively, a Department of Energy economist estimates that if the average price of crude stabilizes this year...
...president of San Diego Gas & Electric, a utility with 900,000 customers. Until February, SDG&E consumed nothing but natural gas; then, with a few adjustments at its power plants, the company began burning oil from Alaska, Australia and Indonesia. Average cost of the new fuel: about $11 per bbl. SDG&E says it is now saving $500,000 to $1 million a month. Analyst Gregory Enholm of the Salomon Brothers investment banking firm estimates that utility rates in the West and the Northeast, where oil-burning facilities are most prevalent, will drop as much as 20% by summer...