Word: bbl
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Throughout Central America and the Caribbean, governments are benefiting from a remarkable spirit of generosity on the part of oil-rich Venezuela, a founding member of OPEC and, with 2.2 million bbl. per day, currently the second largest producer in the cartel. In the Dominican Republic, Venezuelan money is helping to finance the construction of a $64 million hydroelectric project, housing, and a $2.3 million alcohol distillery. The tiny island state of St. Lucia (pop. 120,000) has opened a $400,000 asphalt plant, courtesy of Caracas. In Panama, officials are planning to erect a $100 million bridge to span...
...Venezuela's riches-$8 billion in foreign currency reserves, at least 18 billion bbl. in proven petroleum reserves-some observers are skeptical about the country's ability to sustain its good intentions toward its neighbors. Venezuela's own economic house is not totally in order. Unemployment is estimated at 12%, inflation at 15%. One reason for the economy's woes is that Herrera Campíns' predecessor, Carlos Andrés Pérez, encouraged a series of ill-advised state enterprises, such as steelmaking and air transport, that last year ran up losses estimated...
...after a week of frantic negotiations behind closed doors in Geneva's luxurious Intercontinental Hotel, the oil ministers broke up in deadlock. Instead of agreeing to a compromise formula that would have reunified OPEC's crazy quilt of prices, which range from a low of $32 per bbl. to a high of $40 per bbl., they left the world's oil game still bedeviled and in disarray...
Windfall-Profits Tax Exemption. The bill chips away the Carter Administration's windfall-profits tax on oil producers, increasing the exemption from $1,000 to $2,500 for oil royalties in 1981, then to the profits from 2 bbl. of oil daily in 1982, then 3 bbl. in 1985 and thereafter. The tax on newly discovered oil will also drop, from 30% to 15% in 1986. Small independent oil producers who get crude from low-yield "stripper wells" will be exempted altogether in 1983. Despite Democratic protests that the provision is a giveaway to big oil, it benefits wildcatters...
...sell the oil and gas rights to four oceanic basins off the northern California coast. The tracts are in the middle of rich commercial fishing grounds and are home to several species of threatened marine life. The U.S. Geological Survey estimates that the basins contain only about 300 million bbl. of crude, or roughly twelve days' worth of the nation's oil needs. Environmentalists have been joined in the battle to prevent sale by some conservative Republicans, who feel that the auction would be contrary to President Reagan's pledges to share federal power with the states...