Word: bbl
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...1970s, when Big Oil's "obscene" profits inspired a wave of legislative controls. The oil companies contend that they have heeded President Bush's admonition to show restraint at the gas pump. In fact, while oil prices at the end of last week stood at about $33 per bbl., or 65% higher than they were just before Iraq invaded Kuwait, average U.S. gasoline prices were only 31% higher, or $1.38 per gal. for unleaded regular. Said Holly Hutchins, a spokesman for Shell Oil: "We gave up a considerable amount at the pump to meet the President's request...
...going to take some real stability in the price. If the price steadies out at $25 to $28 per bbl. and stays there six months, then at least wildcatters and investors won't be scared...
...operators of thousands of small marginal "stripper" wells. Collectively they produce about 1.2 million bbl. per day. Many of these old wells have been shut down or need to be reworked...
...current gyrating cost of crude is the single most volatile factor in the world economy's fate. Since the Iraqi invasion, the price of oil has nearly doubled, to a spot rate of $37 per bbl. at the end of last week. America's monthly bill for imported oil has risen in proportion, to an estimated $7 billion, with the increase acting as a depressant on the economy. The price of regular unleaded gasoline has climbed 27 cents a gal., to $1.35, since early August. At these price levels, the heating-oil bill for the average Northeast homeowner could rise...
Iraqi missiles would not have to blow up many of the oil facilities; scattering enough poison gas and anthrax or botulism powder to make it impossible for workers to labor there would also disrupt production. Says a U.S. analyst: "With a shortfall of only 1 million bbl. of oil a day, now the price has gone to $35 ((from $18 before the invasion of Kuwait)). Imagine the impact of the loss of a big portion of Saudi Arabia's 7 million bbl. a day." Conceivably, the price could reach as high as $100, far more than enough to cause both...