Word: bbl
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...problem, as the people of Utah see it, is that the unspoiled land being placed under the federal bell jar is not just any unspoiled land. Locked in its rocks are as much as 62 billion tons of coal, 2 trillion cu. ft. of natural gas and 2 billion bbl. of oil--resources that could be worth billions of dollars and hundreds of jobs. So Utah, which has been scrapping with the Federal Government since statehood, is fighting back. Lawmakers are contemplating various legislative counterattacks, including enacting laws that guarantee continued access to the land, reducing the boundaries...
...rule of the royal House of Saud in more danger than the West suspected? Does the presence of about 5,000 U.S. troops in Saudi Arabia bolster or undercut stability in the land? Could it go the way of Iran? Its future matters immensely because it produces 8 million bbl...
...topsy-turvy response reflects the fact that Iraq won't begin exporting oil until July, when gas-guzzling American vacationers galore will be hitting the road. Nor will the 700,000 bbl. a day that Baghdad will be allowed to sell to raise hard currency for food and medicine amount to more than a 1% boost in worldwide oil production. Nonetheless, experts say Iraqi oil should help lower U.S. pump prices by midsummer. Daniel Yergin, president of Cambridge Energy Research Associates, estimates that gas prices could fall as much as 10' per gal. before the end of the driving season...
This just-not-in-time shortfall has been accelerated by apparently overoptimistic expectations that negotiations between the U.N. and Iraq would shortly bring a return to the marketplace of Iraqi oil--700,000 bbl. a day--which would lower oil prices. That hasn't happened, so refiners are buying higher-priced crude and passing along their increased costs to drivers...
...turn, gave them little time to convert their production to meet the blossoming spring and summer demand for gasoline. In the week ending April 19, the American Petroleum Institute reported that gasoline production, hobbled by a series of accidents and closures of refineries, slipped more than 220,000 bbl. a day, to just under 7.3 million bbl. By Memorial Day, production will be about 320,000 bbl. a day lower than at the same time last year...