Word: bbl
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...energy-related stock prices have been rising in greedy anticipation. Shares in Offshore Logistics, which leases helicopters to offshore drillers, rose from $2 a share to $12 last year. A less oblique sign is that the U.S. is back to importing fully 46% of its oil, or 7.9 million bbl. a day, the largest percentage in ten years. Domestic production of crude oil recorded its biggest decline ever last year, falling to a 26-year...
...mirror image of South Korea and Singapore 30 years ago." But Lithuania depends on the rest of the Soviet Union for 90% of its raw materials and energy, which cost far more than the food and household products it turns out. Today Vilnius pays the equivalent of $6 per bbl. for oil delivered from Siberia; at world prices it would cost four times that. Lithuania is also a victim of the Soviet economy's "monopolism" -- the practice of turning a single factory into the sole supplier of a certain product for the entire country. As a result, many essential items...
While the great cold stimulated heating demand, there were significant crimps in supply. U.S. production was severely impaired when a Dec. 24 explosion damaged the second largest refinery in the country, an Exxon plant in Baton Rouge, La., that normally processes 455,000 bbl. of crude a day. The accident, probably caused by a spark that ignited hydrocarbons released from a pipe, killed two workers and injured seven others. Company officials announced that the facility will partly reopen this week. Other installations also suffered shutdowns: Shell Oil closed two gasoline refineries in Texas and Louisiana and curtailed operations...
...single incident did more to raise that consciousness than the Exxon Valdez disaster, which last March disgorged nearly 262,000 bbl. of crude oil into the pristine waters of Alaska's Prince William Sound. The images of dead birds and sea otters and miles of tar-smeared beaches graphically illustrated mankind's capacity to foul its environment. Coming in the wake of 1988, with its devastating droughts, mega-forest fires and record high temperatures, the Valdez spill convinced all but the most skeptical observers that humanity was courting ecological disaster...
What happened to the other 199,000 bbl.? Exxon professes not to know, a curious stance for a company that in other circumstances makes a corporate fetish out of accounting for every last barrel in its inventory. "I'm not going to speculate how much oil is left and where it is," says Sexton. As much as 25% of the crude may have evaporated in the early days after the spill. Much of the rest, guesses Lars Foyn, a fishery expert with the Marine Research Institute in Bergen, Norway, has become diluted in the water and disappeared. Most...