Word: bbl
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...profits and high gasoline prices has led to much fulminating on Capitol Hill, mostly about refining bottlenecks that have brought near record prices at the pump. But the main reason gas prices are so much higher now than a decade ago is that crude has jumped from $10 per bbl. in 1999 to $64 today. And the fact that the world's biggest nongovernment oil company isn't going like gangbusters to find more of the stuff will have far more impact on future prices than the Federal Price Gouging Prevention Act approved by the House...
...says the associate. Medvedev also hits as hard as the Kremlin wants. One such hit shook Sakhalin Energy (SE), operator of the Shell-led Sakhalin II consortium. At $20 billion, it is the world's largest integrated oil-and-gas-export project, with total reserves of some 4 billion bbl. of oil equivalent (BOE) and total project capacity of 395,000 BOE per day, including 9.6 million tons per year of liquefied-natural-gas production. It is also the largest single foreign investment in Russia. When Sakhalin II's operators initially refused to accommodate Gazprom, the government shut them down...
Then there's oil. As Thomas Friedman has noted, the price of crude and the tide of freedom tend to move in opposite directions. Before 9/11, the price per bbl. fluctuated between $20 and $30. Now it hovers between $50 and $65. And that's not likely to change anytime soon, given rising demand from China and India. That gives oil-producing autocracies such as Russia, Iran, Venezuela, Sudan and now Nigeria more money to crush or buy off internal dissent. And it makes it easier for them to win friends and influence people around the world. A decade...
...leaves bloody anarchy in the Niger Delta, which produces most of Nigeria's 2.5 million bbl. of oil a day and increasing volumes of gas. At least 1,000 people a year are killed in battles on land and sea between the 50-odd militias who fight the authorities as well as each other for opportunities to steal oil and kidnap oil workers for ransom...
...value of its energy exports. As Princeton historian Stephen Kotkin has pointed out, the energy crisis of the 1970s helped the Soviet economy--even as it hurt the West--by bathing the ailing Soviet system in petrodollars. But as oil prices slid below an average price of $20 per bbl. from 1986 to 1996, Russian power slid too. It's no coincidence that the price of oil touched $11 in Yeltsin's miserable last year...