Word: bbl
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...also believed the project would benefit society in another way. Every kilowatt generated from the river's waters means less burning of fossil fuels, and less atmospheric pollution, less increase in the greenhouse effect. Operating Brockway Mills will save 4,000 bbl. of oil each year. And Buckley readily admits that he hoped to make a profit from his work -- a concept known as doing well while doing good...
...month it declared in a statement, "Saudi Arabia has done enough for OPEC. The kingdom cannot accept that some members have production privileges and others not." Fearing a loss of market share to other OPEC producers, the Saudis boosted their output at least 15%, to more than 5 million bbl. per day. Just as it did in 1986, OPEC's longtime leader is trying to force restraint upon oil producers by pushing prices uncomfortably low. The Saudis last week sounded conciliatory, however, possibly because they believe their point is getting across...
...energy prices will help the industrial countries keep inflation in check. A $5 per bbl. drop in the price of oil typically translates into a 1% fall in U.S. consumer prices. Economists are predicting that U.S. inflation could reach 5% next year, vs. an estimated 4.5% for 1988. But if oil drops below $12 per bbl., says John Makin, director of fiscal policy studies at the American Enterprise Institute, inflation could ease slightly instead of rising...
...most investors realize that U.S. oil properties will be quite dear someday, since the country's 25.3 billion bbl. in estimated reserves are less than one-sixth of Saudi Arabia's. Last week twelve companies demonstrated their faith in the value of the finite resource by bidding a combined $7.3 billion for the oil and natural-gas assets of Houston-based Tenneco, which is selling those properties to concentrate on its gas-pipeline and construction- equipment businesses. Chevron agreed to pay $2.6 billion for the firm's stakes in the Gulf of Mexico, while T. Boone Pickens' firm, Mesa Limited...
...these are decidedly long-term investments. For the moment, oil prices seem capable of deep downward swings. Indonesia's Subroto, the OPEC secretary- general, has warned that prices could fall as low as $5 per bbl. if Saudi Arabia and the other overproducers were to keep flooding the market. If such predictions fail to spur the group toward cooperation over the next few weeks, OPEC may be setting the stage for the oil-price collapse...