Word: bbl
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...able to make scheduled payments, due over the following 90 days, of more than $3 billion. Weak oil prices had robbed the country of anticipated revenues and left it almost penniless. Says Jorge Chapa, co-owner of a large Mexican supermarket chain: "We were rich at $16 per bbl. of oil, and at $32 we were broke because we spent as if the price were already...
Energy costs are also unlikely to rebound any time soon. Crude oil prices have leveled off at about $29 per bbl. since the Organization of Petroleum Exporting Countries cut prices to that level in March. James McKie, chairman of the economics department at the University of Texas, noted that while OPEC has not collapsed, as some had predicted, the oil producers now seem powerless to push prices higher. He warned, however, that the group could regain its clout if Middle East strife once again restricts the flow of oil. Said he: "OPEC will now wait in the wings...
...business investment. De Vries suggested that the Government close example, loopholes that favor consumption over savings. If, for example, the Government eliminated the deductibility of interest on consumer loans except for mortgages, revenues would rise by an estimated $9.6 billion in 1986. McKie called for a $5-per-bbl. tax on imported oil. That would spur energy conservation and could cut the deficit by about $10 billion in 1986. McKie also said that Congress should consider a value added tax (VAT), a kind of national sales tax used by most West European countries. Basic foods and other essential goods could...
...large, but that measure is aimed mainly at boosting Government revenues and, in any event, seems to have little chance of passage. Energy Secretary Donald Hodel has meanwhile suggested slowing the rate at which the U.S. Strategic Petroleum Reserve is being filled. That cache, which currently holds 312 million bbl. out of a planned 1 billion bbl., was created in 1975 as a safeguard against future shortages of foreign oil. With imports down, says Hodel. "maybe we don't need such a big insurance policy...
...other areas, it can reduce the amount that is exposed to the high tax rate and pay the corporate rate, no more than 46%, instead. Critics contend that Arco does this by inflating its transportation costs. The company charges itself a high freight rate of about $4 per bbl. on oil it ships in its own tankers. The fee includes a so-called risk premium that is supposed to compensate independent tanker owners against the times when their ships are idle. Since Arco owns the ships and keeps them busy virtually year-round, such risks are obviously minimal...