Word: oiled
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Dates: during 1990-1999
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...outdone, President Clinton last week ordered the sale of about 12 million bbl. of oil from the Strategic Petroleum Reserve. Though a sale totaling $277 million was mandated by Congress in the budget agreement two weeks ago, the Administration's move to do so last week was a dramatic gesture that officials hoped would dampen the upward price spiral. The President's order, said White House spokesman Mike McCurry, is a "precise, prudent and modest step, designed to move the market in the right direction...
Sure it is. Because Americans consume 17 million bbl. of oil daily, dumping 12 million bbl. on the market may be spitting in the ocean. And the reserve will thus sell for $21 per bbl. oil that was purchased for $27. That's some kind of deficit reduction...
These SUVs, as they are known in the industry, account for an astonishing 40% of automobile sales yet generally provide gas mileage of less than 20 m.p.g. "With a typical SUV like a Chevy Blazer," says Mike Morrissey, spokesman for the American Automobile Association, "gas and oil will cost 6.8 cents a mile, compared with 5.9 cents for a Ford Taurus and 4.5 cents for a Ford Escort...
...direction. Since 1981, the number of U.S. refineries has dropped steadily, although capacity has held at around 15 million bbl. a day since the mid-1980s. That seems like plenty, but refineries, like most industries, operate on a "just-in-time" inventory system, meaning they buy supplies of crude oil just before they need them, keeping barely adequate inventories of refined products on hand. The industry currently has 203.5 million bbl. of gasoline in storage, compared with 210.7 million bbl. at this time last year. Inventories of crude oil are even more depleted...
This just-not-in-time shortfall has been accelerated by apparently overoptimistic expectations that negotiations between the U.N. and Iraq would shortly bring a return to the marketplace of Iraqi oil--700,000 bbl. a day--which would lower oil prices. That hasn't happened, so refiners are buying higher-priced crude and passing along their increased costs to drivers...