Word: bbl
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...dismiss it as rocks for jocks. With oil companies desperately searching for new sources of crude and prices above $65 per bbl., now is a good time to know your limestone. Petroleum geologists study the earth's surface and subsurface to help predict the chances of striking oil. Over the past year, the average annual salary for a geologist with three to five years' experience has climbed 11%, to $75,600, reports executive- search firm MLA Resources. Across the board, salaries are up 8%. Also, demographics are driving demand; the average age of a petroleum geologist is 49. Bob Goldstein...
...lower the temperature needed to separate it from the crude. It's not cheap; refining costs account for nearly 19% of the price of gas sold in Britain. Today's refineries are so efficient that they can extract 44.6 gallons of refined petroleum products from a 42-gallon bbl. of crude. That's good, but not good enough, especially not after Katrina knocked out 10% of U.S. refining capacity. Sixty-seven percent of America's oil demand comes from its transportation sector and even before the storm hit, the U.S. was importing about one-tenth of its refined petroleum needs...
...airline that buys oil by the tanker and will burn through 250 million gal. this year alone isn't complaining too much about the record high price of fuel. But in fact, Joe Leonard, head of low-cost carrier AirTran Airways, thinks a few weeks of $66-per-bbl. oil would bring an overdue shake-out in the struggling airline business. "High oil prices are going to force some carriers out of the market," he says, "and it's going to happen quickly." You can almost see him smile, since AirTran won't be one of those grounded...
...multiply that scenario across the thousands of European businesses dependent on crude oil, which hit a record $68 per bbl. last week and is up over 40% in the past six months. The result should be an inflationary spiral like the one that followed the oil shock of the mid-1970s, right? Not quite. For much of Europe, inflation remains muted; French consumer prices actually dropped in July. And the overall economic outlook seems to be improving in some places, most notably in Germany, Europe's biggest economy...
...billion in extra raw-material costs. "High oil prices certainly still matter, but probably only half as much as they did 15 to 20 years ago," says Kenneth Rogoff, former chief economist at the International Monetary Fund (IMF), who now teaches at Harvard. He says that a $15 per bbl. increase in the price of oil 10 years ago, if sustained for a year, would have cut growth in Europe and the U.S. by about 1%. Now it amounts to a cut half that size. "In today's booming global economy," Rogoff says, "this means that 2005 is only going...