Word: bbl
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...slow lane. From New England computer makers to California missile builders, many industries that boomed in the go-go '80s have slumped in the slo-mo '90s. But the sudden spurt in the cost of crude oil brought on by Iraq's invasion of Kuwait -- from about $20 per bbl. on Aug. 1 to a high of more than $28 per bbl. last week -- threatened to turn an already painful slowdown into a full-blown recession. Says Richard Bermer, an economist for Salomon Brothers: "The question is no longer whether there will be a recession but how deep it will...
...question is how hard the oil shock will strike an economy that is already staggering. So far, crude-oil prices, which closed at $26.23 per bbl. last week, have jumped about 40% in recent weeks. For the moment, that is far less than the price hikes of the 1970s, which reached more than 300%. Those oil shocks gave rise to the dread combination of high unemployment and double- digit inflation, which became known as stagflation...
...even the current oil run-up could have a substantial and damaging effect on the way Americans work, shop and spend their leisure time. Every $1-per- bbl. increase in the cost of crude oil acts like a tax to siphon income from consumers and companies. Laurence Meyer, a Washington University economist who runs his own forecasting firm in St. Louis, had predicted a recession even before the oil shock. If prices charged by the Organization of Petroleum Exporting Countries reach $30 per bbl. in the fourth quarter, Meyer says, the GNP would decline a painful 3.6% during the period...
Nowhere is the potential upswing in financial fortunes more dramatic than in Texas. In the late '70s, when oil reached $34 per bbl., Northerners fumed while Energy Belt entrepreneurs got rich. The decline of oil prices and the collapse of inflated real estate values culminated in the 1986 crash that battered the state economy. Even though Texas is diversifying to lessen its dependence on oil production, the state could benefit once again from high- cost fuel. In new revenues alone, each $1-per-bbl. increase would bring $50 million into state coffers. Stephen Brown, a senior economist for the Federal...
Imports of crude oil from Arab OPEC countries in thousands of bbl...