Word: bbl
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...Dubai officials insist that they can meet their debt obligations for the next two years. Analysts point out, however, that the credit squeeze compounds a growing challenge to Dubai's revenue streams. The most obvious is the halving of the price of oil from $147 per bbl. to $70 per bbl. since July, sending Middle East stocks tumbling and rendering regional investors increasingly cautious. Likewise, a global recession is likely to tighten the belts of the international investors and holiday makers that Dubai relies on for its real estate and tourism developments. Even before the global crunch, banks...
...growing sense of urgency in Russia about all of this. Oil companies are posting declines in production as onshore oil and gas fields are getting depleted. Oil revenues account for 60% of Russia's budget, which has been calculated for 2009 on the basis of $70 per bbl. But if the price goes below that, the country's petroleum windfall may be drastically reduced, and the budget could go into deficit...
...this green dream is hardly problem-free or environmentally perfect. First, if oil prices continue dropping, perhaps to last year's $60-per-bbl. mark, drivers may opt to keep their old cars, especially if the recession in the U.S. and Europe deepens and car loans get even harder to obtain. In debt and facing slumping sales, the auto industry is also competing against flush high-tech companies in Silicon Valley, which are also racing to perfect a lithion-ion car battery. What's more, the billions that the auto companies are spending in research could be squeezed during...
...Palin chided the company for "warehousing" 8 trillion cubic feet of gas. A state judge upheld the state action but said ExxonMobil and its partners should be given another chance to prove themselves. In February 2008 the company submitted a $1.3 billion plan calling for production of 10,000 bbl. a day of gas condensate to begin in six years. But Irwin rejected the proposal in April, saying he did not "trust" ExxonMobil's word after years of false starts, and pulled the leases. The state wants other producers to bid for the development rights, a plan unlikely to occur...
...peak in the 1980s, the oil pipeline from the North Slope carried 2 million bbl. a day. The flow is now about a third of that, and supplies are projected to dwindle further. Alaska has seen these boom-and-bust cycles before. The "seal mines" of the Pribilof Islands, the salmon canneries, the Klondike gold rush--all these short-lived booms appealed to what New Deal--era Secretary of the Interior Harold Ickes once derided as Alaska's "gambling spirit." Palin is now rolling the dice on the national stage with a political persona based in part on her willingness...