Word: bbl
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...tanker traffic. A low-key Iranian mining operation in 1987 forced the U.S. to reflag Kuwaiti oil tankers and escort them, in slow-moving files of one and two, up and down the Persian Gulf. A more intense operation would probably send oil prices soaring above $100 per bbl.--which may explain why the Navy wants to be sure its small fleet of minesweepers is ready to go into action at a moment's notice. It is unlikely that Iran would turn off its own oil spigot or halt its exports through pipelines overland, but it could direct its proxies...
...economic slowdown of late 2006 was part of a wider crisis of globalization, as energy prices soared and the drive toward free trade lost momentum. With oil stuck above $70 per bbl. and the Doha round of trade negotiations defunct, growth was bound to slacken. But what made matters unexpectedly worse was miscalculations by the world's central bankers...
Tensions are spiking in the Middle East, and so is the price of oil, which reached $77 per bbl. That's a record, and not a good one as far as motorists and investors are concerned. Nor is it happy news for inflation, which is already at a 16-year high largely because of surging fuel costs. Consumer prices of all stripes rose at an annualized rate of 5.2% in May--enough to take some of the fun out of shopping. But Ben Bernanke, Chairman of the Federal Reserve, is on the case. The Fed raised its benchmark interest...
...holding company overseeing a jumble of small oil fields. Since getting hold of the Yukos assets, which it nominally acquired from an unknown finance company whose address was a café in the city of Tver, it has become the nation's third largest oil company, producing 1.5 million bbl. per day. While president Bogdanchikov is an oil-industry expert, the chairman of the board is Igor Sechin, Putin's deputy chief of staff. Gazprom, the state company that controls almost 90% of Russian gas production, is similarly tied in to the Kremlin. Its chair of the board is Dmitri...
Teeming with bird and marine life, giant ferns and towering mangrove plants whose roots straddle land and water like the legs of lumbering animals, the creeks and swamps of the Niger Delta lie over one of the biggest reserves of oil on the planet: 34 billion bbl. of black gold. The region, a watery maze flung across 50,000 sq km in southern Nigeria, is also home to some of Africa's poorest people, and some of its worst environmental destruction. There are villages without power, water, health clinics or schools; pipelines that scar the earth; oil slicks that shimmer...