Word: bbl
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...really out of touch? The Bush Administration estimates that expanded offshore drilling could increase oil production by 200,000 bbl. per day by 2030. We use about 20 million bbl. per day, so that would meet about 1% of our demand two decades from now. Meanwhile, efficiency experts say that keeping tires inflated can improve gas mileage 3%, and regular maintenance can add another 4%. Many drivers already follow their advice, but if everyone did, we could immediately reduce demand several percentage points. In other words: Obama is right...
Wagoner said the cuts are based on very conservative assumptions that oil prices will hover in the $130-to-$150-per-bbl. range through 2009, while car sales will fall to an annual rate of about 14 million units this year and next - a level last seen during the recession of the 1990s, when GM controlled just under one-third of the U.S. market. GM is still the nation's largest carmaker, but its market share is down to about 22% and its stock price has dropped to its lowest level in more than half a century, having fallen from...
...Society of Important Countries rather than the criminal conspiracy they are. The second humiliation is that the meeting didn't work. The small gratuity offered by the Saudis of a modest increase in pumping had virtually no effect on the price of oil, which remained above $130 per bbl. The third humiliation is that by going to this meeting and begging the Saudis to increase production, the U.S. revealed its complete ignorance of basic economics...
...could even be true, but if so, it's irrelevant. Speculators cannot affect the price of oil in the long run. What speculators do is get us to the long run sooner. If they think underlying forces of supply and demand will ultimately result in oil at $200 per bbl., they will bid up the price until it is close to $200 per bbl. already. Similarly, if speculators think the price of oil will go down, they will drive it down more quickly. So, actually, speculation can be seen as a good thing: it forces us to adjust to higher...
...production was lagging, the Pentagon asserted that this was a function of escalating demand for power. Electrical output, it said, now tops what the country was generating before the invasion. The Pentagon also zinged the GAO for using, as an oil-production benchmark, the "arbitrary goal" of 3 million bbl. a day set by the U.S.-run occupation authority immediately following the invasion. More importantly, the Pentagon said, is that petroleum exports are at their highest level since the fall of Saddam Hussein's government...