Word: bbl
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This time, it's not OPEC. At $28 per bbl., crude oil prices may be high. But America's current gasoline-supply problem is its own. No new refineries have been built in over two decades; indeed, the opposite has happened as refiners took excess capacity off the market. Inventories are nearing historic lows. Any disruption in the refining process or distribution system chokes gas supplies, driving prices...
...This time, it's not OPEC. At $28 per bbl., crude oil prices may be high. But America's current gasoline-supply problem is its own. No new refineries have been built in over two decades; indeed, the opposite has happened as refiners took excess capacity off the market. Inventories are nearing historic lows. Any disruption in the refining process or distribution system chokes gas supplies, driving prices...
...part of the problem has been the cost of crude, from which gasoline is refined. OPEC has cut production twice since President Bush took office--the first time in January, the second in March--by a total of 2.5 million bbl. a day. That has pushed up prices to about $28 per bbl., the high end of OPEC's target zone...
...billion, it is Russia's largest single foreign investment project. It is also the market's first and only success story to date. It required more than 1,000 permits, but last year Sakhalin Energy's Molikpaq rig produced 1.6 million tons of oil, more than 80,000 bbl. a day, during the ice-free season from June to December...
...recent years, however, Russia has seen its foreign capital pool drain as wildcatters turned to more welcoming political and economic situations in Asia, Latin America and even other former Soviet republics. Since 1987, oil production in Russia has fallen from 11.8 million bbl. a day to an estimated 6.3 million...