Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...goal is to bring back stability to the oil market.' IBRAHIM AL-MUHANNA, adviser at the Petroleum Ministry of Saudi Arabia, after officials announced plans to increase output to a record 10 million bbl...
...first long-distance pipelines were laid in the Northeast in the late 1870s and early 1880s, the first oil tankers were allowed to pass through the Suez Canal, and the modern shipping system was born. Today crude oil travels in tankers that can carry up to 4 million bbl. With daily world demand at about 85 million bbl., petroleum represents about a third of all international cargo. And even though the commodity is also measured in kiloliters (in Japan) and metric tons (in Russia), thanks to whiskey, the units are always converted to the 42-gal. barrel for trading...
...while it looked like a boneheaded move. At the end of 1998, the price of oil fell below $10 per bbl. Regular gas sold for 90¢ a gal. While Internet billionaires were being minted to the right and left of him, Rainwater was getting poorer...
...guess what Rainwater did a few weeks ago, right after oil prices topped $129 per bbl. for the first time? "I sold my Chevron," he says. "I sold my ConocoPhillips. I sold my Statoil. I sold my ENSCO. I sold my Pioneer Natural Resources. I sold everything...
...definitely thinks oil prices are due for a fall. That's why he sold. But he makes no claim to having gotten the timing perfect. After he sold out in May and oil kept rising, past $135 per bbl., Rainwater briefly thought he'd made a terrible mistake. The price has since subsided a little, and he has calmed down a little. Still, he says, "It's a call that I've made, but who knows? Who knows if I'm early...