Word: crude
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...Arab nations increase their oil output, most economists expect the world price of crude to drop; and, indeed, last month the major oil-exporting nations appeared to recognize that the dizzying upward price spiral had ended. At a meeting in Vienna, they pledged to hold the line at $10.80 per bbl. until June 30. Last week, however, Indonesia surprisingly lifted its price to $11.70, thus violating the freeze agreement...
...producing countries took advantage of the panic caused by Arab embargoes and production cutbacks to quadruple the price of crude in the past six months. That move alone will push up prices an average of 3% this year in consuming nations, which will have to pay at least $40 billion more than last year for their oil. But oil prices could well slip back down a bit now that the Arabs are again pumping out crude faster...
PETROLEUM. Steadily rising prices for petroleum products ensure that owners of drilling rights will make a killing. Although the Government controls the price of most oil, two important categories are exempt from regulation: "new" crude (the amount a well produces in excess of what it pumped during the corresponding period in 1972) and oil from "stripper" wells that produce 10 bbl. a day or less. Stripper oil is selling for as much as $10 per bbl., enabling the owner of a well that produces 5 bbl. daily to turn a profit from a property that a year ago would have...
Even if oil becomes more abundant, demand is not likely to grow much-in part because the Arabs have taught the world the need for energy conservation. in part because at present exorbitant prices, roughly $11 per bbl. for crude, the world's consumers simply cannot afford to buy much more. Any big influx of Arab oil into world markets would almost inevitably produce a temporary oversupply that could crack prices...
...some brands of gasoline could cost even more at the pump in coming weeks because many refiners will be blending high-priced Arab crude into their product and importing expensive fuel from Europe. But shortages should ease quickly; the Federal Energy Office will permit an immediate 11 million bbl. drawdown from refiners' inventories, the fourth so far this year...