Word: barreling
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Dates: during 1970-1979
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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...
With three of the top nine players unable to make the match, Barnaby had to "dig into the barrel," as he described it yesterday, for Steve Mead and Tim Morgan, both of whom had little trouble in dispatching their opponents...
...have had to dig into the barrel," Barnaby said, "but we didn't come up with chaff, we came with wheat." Mead, who has been having problems with injuries this season, moved into the number seven spot, while Morgan played at number nine...
...when their wells run dry. The Arabs have turned down requests for increased production, and even set production ceilings. Last year, Kuwait turned down a request from Kuwait Oil Co., a jointly owned subsidiary of Gulf and British Petroleum, for a production increase. Instead Kuwait set a 3 million barrel day limit on oil exports...
...Europe while officially punishing only one nation. By allowing the continued-though significantly reduced-flow of oil through the Dutch port, they prevent total European collapse (which they do not want) while gaining more efficient control over that flow than if they had to track down where each barrel of their oil is going. Just as easily as they wink at the subterfuge, they can stop it when they please -and really freeze out Europe...