Word: bbl
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...plenty of plans for a comeback but is having no luck making them work. Only three months ago, the Organization of Petroleum Exporting Countries seemed to be regaining a grip on world oil prices. The group's agreement in December on a 7% production cut, to 15.8 million bbl. a day, managed to push prices even higher than OPEC's goal of $18 per bbl. But by last week it was clear that the group's clout had slipped once again, as world oil prices dipped as low as $15 per bbl. Several OPEC countries appeared to be cheating...
During the past year, the price of oil has been on a roller-coaster ride that has taken it from $25 a bbl. down to below $10 and then back up to almost $18. But the wild ride appears to be over for the time being, much to the relief of producers and consumers alike. When Treasury Secretary James Baker met with his Saudi Arabian counterpart Mohammed Ali Abdul Khail in Khail's country last week, the two finance officials seemed to think that worldwide crude prices had finally settled at a mutually agreeable level. The current price still provides...
...tariffs and quotas and advocates a restructuring of Third World debt. In a speech last month, Hart proposed an overhaul of the U.S. education system featuring stricter accountability for teachers and offering educational retraining for adults. To help finance this multibillion-dollar proposal, he would impose a $10-per-bbl. fee on imported oil and make cuts in military and agriculture programs. Although Hart had one of the most liberal voting records in the Senate, he has cast himself as a nonideological technocrat intent on steering the Democratic party away from traditional interest-group liberalism...
...result was a windfall for customers, for a change, rather than for the Organization of Petroleum Exporting Countries. Crude prices plummeted from $26 per bbl. in January to below $10 in April and remained under $15 for most of the year. The low prices distressed the Saudi royal family and provoked anger from other OPEC countries, prompting the Saudis in October to oust Yamani as Oil Minister after he had spent two decades as a leading OPEC strategist. With that, the Saudis abandoned their price-war tactics. When OPEC met in December, twelve of its 13 members, with Iraq dissenting...
...caribou, the preserve is one of the nation's last pristine animal ranges. The opposition: developers who seek the vast energy riches believed to lie beneath the refuge's 1.5 million-acre coastal plain. These reserves may hold as much as 5 billion to 30 billion bbl. of oil and 64.5 trillion cu. ft. of natural...