Word: bbl
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...Will it give the U.S. a long, easy journey or just a nostalgic joyride? The highly volatile price of oil could jump several dollars a barrel in only a few days, or it could lie low. Many energy experts have begun warning that oil prices below $10 per bbl. will set up the U.S. for another oil shock in the future. In fact, when adjusted for the inflation that has taken place over the years, today's oil price is virtually as low as it was in the pre-oil-crisis days of 1973, when crude cost about...
...that statement heartened U.S. oil drillers, along came a more dire forecast by Mani Said al-Oteiba, the Oil Minister of the United Arab Emirates. He declared OPEC--the Organization of Petroleum Exporting Countries--to be in disarray and predicted that prices could fall as low as $5 per bbl. His remarks helped send the price of West Texas Intermediate, a benchmark crude, tumbling to $9.75 per bbl. Tuesday on the New York Mercantile Exchange...
...made it economical for utility companies to convert to coal-fired and nuclear-powered plants and for other businesses to install new energy-efficient equipment. Some homeowners even began heating their houses and pools with solar panels. Result: the U.S. reduced its reliance on oil imports from 8.6 million bbl. per day in 1977 to 4.3 million bbl. last year. Even better, much of that supply came from such newly expanded sources as Mexico and Britain rather than the volatile Persian Gulf countries...
...Saudi Arabia got fed up with its OPEC partners. For years the kingdom, which holds about one-fourth of the world's oil reserves, tried almost single-handed to prop up prices by curbing its production. The country wound up slashing its output from a peak of 10.3 million bbl. a day in 1981 to ! a low of 2 million bbl. a day last June. During that time its annual oil revenue fell from $113 billion to $28 billion. Many of the other twelve countries in OPEC, meanwhile, conducted a thriving business by secretly cheating on the group's voluntary...
...them?" Finally in September, the Saudis quietly decided to throw their production into high gear and reclaim the country's lost market share. The giant petroport at Ras Tanura and the offshore loading terminal at Ju'aymah sprang to life, their 56-in. pipes spewing more than 4 million bbl...