Word: bbl
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...patch: in empty office towers, foreclosed homes, shuttered stores and the swelling ranks of unemployed. Auctions of everything from furniture to oil-field equipment are increasingly common. Banks are saddled with sour energy loans, and state governments are strapped for funds. In Texas, for example, each $1-per-bbl. drop in oil prices means a loss of 25,000 jobs and $100 million worth of state revenues...
...irritating antics of OPEC. But suddenly oil's new situation is hitting home with the wallop of a 42-gal. oil barrel dropped on the front porch. Last week consumers, businessmen and traders around the world watched in awe as the price of crude dipped below $10 per bbl. for the first time in almost a decade. Oil, which as recently as January was selling for $26 per bbl., was on a breathtaking--and dangerous--ride down a slippery slope...
Like the petroleum crisis of the past decade, which threatened the industrial might of the West, the oil slide is changing the balance of economic power. The price drop, from a peak of $35 per bbl. in 1981, has greatly reduced the flow of billions upon billions of dollars from consuming countries to the producers. The so-called petrodollar drain of 1979-83 had contributed to the worst global economic slump since the Great Depression. But cheap oil will act as a giant tax cut, or perhaps a lottery jackpot, for the consumers and businesses of such large industrial countries...
While some of these concerns may be valid, Interior Department officials argue that as older oil fields elsewhere in the U.S. approach the end of their productive years, new supplies must be developed. The Government estimates that the U.S. will have to find 32 billion bbl. of new oil reserves by 1995 to maintain domestic production at the current level of 9 million bbl. a day, and to keep from becoming more dependent upon imports, which now account for 27% of U.S. consumption. Half of those new supplies are expected to come from offshore wells. Says Hodel: "The federal offshore...
...Beverly Hills money gusher may be running dry. The drop in the price of oil to less than $15 per bbl. could mean a loss of $750,000 in revenue for the school district this year. To curb spending, the school board has decided to hold raises to 5% and may lay off some teachers, janitors, groundskeepers and cafeteria workers...