Word: bbl
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...deserves priority: preserving America's wilderness or finding a steady supply of domestic oil? In the aftermath of the Exxon Valdez spill in March 1989, the environment was the overwhelming favorite. But in the month since the Iraqi invasion of Kuwait, which has pushed oil prices from $17 a bbl. to more than $30, the political mood has changed rapidly. The prime focus of the debate is the coastal plain of Alaska's Arctic National Wildlife Refuge, a pristine wilderness area that may hold the largest untapped oil deposit...
...size of the oil deposit, however, is a mystery. The Interior Department's estimate ranges from 600 million bbl. of crude to as much as 9.2 billion bbl. At the high end, the oil reservoir would be roughly equal to Alaska's enormous Prudhoe Bay field, or more than the U.S. uses in a year. The Interior Department puts the odds of finding a commercially exploitable oil field in the refuge at 1 in 5, vs. the industry's typical success rate...
...handle the interest on its $135 billion foreign debt. Even the more stable economies will be badly hurt by the energy price hike. Kenya, for example, will see its oil-import bill increase from $300 million to $400 million a year if the price settles at $25 per bbl. Says Ross Wilson, a consultant at Deloitte, Haskins & Sells in Nairobi: "The question for Kenya is, How many loads can the camel take...
...beginning to show results. Inflation, which hit 73% a month before the plan took effect last March, has cooled to less than 13%. Government officials predict that Brazil will lose $3.3 billion because of higher oil costs and loss of exports through 1991. If prices stay at $25 per bbl., next year's energy bill will grow $2 billion. As a result, Brazil may not resume payments on its foreign debt of $115 billion...
...petroleum producers of the Middle East, with the exception of Iraq and Kuwait, stand to gain the most. Even if the production level were not increased, Saudi Arabia should sweep in an extra $38 million a day if prices stabilize at $25 per bbl., while the United Arab Emirates should increase its take by about $18 million. The biggest winner may be Libya, which will collect an additional $9 million a day and, unlike the Saudis and other gulf states, will not pay part of any bill for keeping U.S. and other forces in the gulf...