Word: crude
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Though U.S. imports of crude oil have dropped, imports of refined products in mid-December were running more than 2.9 million bbl. per day -slightly more than in late September, when the Arab wells were pumping full speed. U.S. officials have steadily reduced their estimates of the likely petroleum "shortfall" and made some fuel allocations more generous. The Federal Energy Office last week announced that airlines in 1974 will be able to buy 95% as much jet fuel as they did in 1972, up from an original allocation...
...Last November the West German government officially predicted that a 25% cut in Arab exports would result in a 15% to 20% slash in the country's oil supplies in December. But new statistics show that crude oil imports are down only about 1.5% below daily levels anticipated before the Arab boycott began...
...Rotterdam-Antwerp pipeline, a key conveyor of crude from the supposedly embargoed Dutch port to Belgium, has been pumping as much oil as it did before the boycott began...
...surprised if the pendulum swings all the way to a 30% reduction" in petroleum output. Most important of all, the latest astonishing price boosts will disrupt the economies of even those Western nations that find Arab oil freely available. By unilaterally hiking the price of crude for the first time, the Arabs not only declared their independence from the big oil companies that have set pricing policies for the past quarter-century but also gave a sure sign of more increases to come...
Starting this week, oil companies will have to pump about $7 into the national treasuries of Middle East host countries for each barrel of crude they take from the desert sands. Once corporate profit margins and the cost of transportation are cranked in, the price of crude in world markets will nearly triple, to something like $9 per bbl. At present prices, worldwide customers shell out about $22 billion a year for the 6.2 billion bbl. of crude that the Middle East exports. When the new prices take effect, the tab will leap overnight to $55 billion or more...