Word: bbl
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...avoid tampering with Reagan's tax cut, Administration officials agreed to consider alternative ways to raise new revenues. Among them: a $5 per-bbl, oil import fee, a 5? per-gal. gasoline tax, a hike in excise taxes on cigarettes and liquor, a 4% tax surcharge on individuals with incomes above $40,000, and curbs on the new, much criticized provision that allows businesses with more tax deductions than they need to sell them to companies facing big tax bills. These steps could raise $30 billion in new revenues. The Administration bargainers also indicated that the President...
...Iran can end the war, the sooner it can begin to recoup economically. Virtually all of the big development projects launched by the Shah have been standing half-finished because of shortages of cash, disputes over frozen assets and squabbles over priorities. Iran managed to sell only 1 million bbl. of oil a day last year, half as much as it had projected. Gasoline and staple foods are strictly rationed. Essential items such as meat, rice and sugar are distributed to poor and working-class areas first. Still, Tehran does not give the appearance of extreme hardship. Traffic jams...
Over the short term, the softening price of oil has certainly been good news for hard-pressed consumers. Every $1 per bbl. drop in petroleum prices gives them $5.5 billion to $6 billion in increased purchasing power. That is because oil is by far the most important and widely used energy resource in the economy, going into everything from automotive fuel to farm fertilizers, plastics and paints...
...nation Organization of Petroleum Exporting Countries, Nigeria for years kept the oil-consuming nations of the world over a barrel by forcing world oil prices relentlessly higher. Now that demand for petroleum is slumping on markets everywhere, however, the price of crude has dropped from $40 per bbl. to $28 per bbl. on the unregulated spot market. As a result, the economic outlook for the 90 million inhabitants of Nigeria, black Africa's wealthiest and most populous nation, has suddenly turned bleak...
Nigeria depends on oil exports for 90% of its foreign exchange earnings and 85% of its government revenues. But weakening worldwide demand for crude has forced the country to slash production from 2.1 million bbl. daily to fewer than 900,000 bbl. by last week. In the process, estimated earnings from oil exports have plunged from $ 1.35 billion per month only a few weeks ago to perhaps as little as $700 million at current production levels, and the country has been compelled to dip deep into its foreign reserve holdings. Nigeria is now paying more than $1.8 billion each month...