Word: bbl
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...fortunate set of circumstances on world commodity markets has also been important in combating inflation. Oil prices, which had jumped from about $2 per bbl. in 1972 to a high of more than $40 per bbl. in 1980, have been declining dramatically. Since petroleum is the basic raw material for scores of products, such as gasoline, fertilizers and many chemicals, a drop in its price is felt throughout the whole economy. The falling prices of raw materials, including tin and copper, and farm products have also been slowing the rate of inflation...
Stroh calculated that buying Schlitz would be a quick way to become third in the industry. It would also be a cheaper way to grow than building new facilities. The cost of building a new factory was between $60 and $80 per bbl. of annual productive capacity, but the Schlitz plant was only $25 per bbl. Expansion by acquisition was not new to Stroh. The company bought the F. & M. Schaefer Corp. of New York in 1981, giving it a beachhead in Eastern markets. On March 29, Stroh announced its intention of buying huge chunks of Schlitz stock, seeking...
...prices shot up approximately 150%, and the rise sent American consumer prices leaping at an annual rate of more than 12%, the steepest peacetime increase in more than 30 years. Since April of last year, though, petroleum prices, which had briefly gone to more than $41 per bbl. for high-quality crude, have declined slightly to approximately $33 per bbl. Moreover, in recent months prices have actually begun to slip somewhat on the unregulated spot market, where crude was last week selling for as little as $30 per bbl. As a result, consumer prices have ceased spiraling upward...
There is also, however, an unwelcome side to the drop in oil prices for Reagan Administration policymakers. Michael Evans, a private Washington-based economist, forecasts that a $10 per bbl. drop in the price of oil would cost the Treasury as much as $40 billion in lost revenues from the windfall-profits tax that President Jimmy Carter levied on the oil industry two years ago. Prices so far have dropped $4 per bbl. Those losses would add billions of dollars more to the 1983 deficit, which congressional economists now expect to top $120 billion...
...result of the sliding price of crude and the rising deficit, the White House is actively considering a variety of tax proposals that would both raise revenue and keep consumption from jumping up again. Proposals under consideration include a $5 or $10 per bbl. surcharge on imported oil and an increase of 50 in the federal excise tax on gasoline. President Reagan has yet to indicate his position on these staff proposals...