Word: bbl
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...chimney stacks along the St. Nicolaas beach on Aruba no longer belch smoke into the luminous tropical air. After 60 years of refining more than 6.5 billion bbl. of crude, including 1 out of every 16 bbl. of aircraft fuel used by Allied forces in World War II, Exxon's Lago refinery, once the largest in the world, will shut down this week. The closing marks the end of an era in the world oil industry and spells trouble for the 70-sq.-mi. Caribbean island. The refinery has provided Aruba with more than half its annual income for better...
...bleak oil-refinery situation is not limited to Aruba. The Caribbean's eight major refineries are cutting production, and more than 100 U.S. refineries have ceased operating since 1981. Additional closings are expected. Texaco is shutting down its 65,000-bbl.-a-day plant in Lawrenceville, Ill., and a 20,000-bbl.-a-day operation in Amarillo, Texas. Since September, the company has halved the capacity of its Port Arthur, Texas, refinery to 200,000 bbl...
...Energy Information Administration, a federal clearinghouse for energy data, reports that imports, including fuel oil, finished gasoline and gasoline-blending components, have risen about 24% during the past four years. The amount of gasoline entering the U.S. market from abroad nearly doubled during that period, to 291,000 bbl. a day in 1984, while imports of oil requiring further processing increased more than 50%, to an average 230,000 bbl. daily...
Like the Organization of Petroleum Exporting Countries, Britain has long tried, with varying degrees of success, to prop up the cost of oil. Since its formation in 1975, the state-owned British National Oil Corp. has set an "official" price for Britain's North Sea crude: currently $28.65 per bbl. But in recent months BNOC has had few takers at that price and has sold some oil at discounts of about 8% on the spot market, where oil shipments that are not part of long-term contracts are traded...
Last week the British government revealed plans to abolish BNOC, probably by October, and thus end efforts to control the cost of North Sea crude. Oil experts speculated that the move might put pressure on OPEC to lower its official prices, which range up to $30.50 per bbl. for Algeria's Saharan Blend...