Word: bbl
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...Iran-Iraq war, prices will remain stable for perhaps the next 18 months or so. Said Energy Economist James McKie of the University of Texas, who joined the TIME board last week: "I think the cartel will maintain a real price in 1980 dollars of around $35 per bbl. I don't anticipate that there will be any major decline below that level. But in the absence of some new supply disruption, I do not think that there is going to be much increase above it either...
...price increases has been caused by a minisurplus of petroleum, which has created a strong downward pressure on prices. One oil company after another is shaving the prices it will pay for crude. Exxon and Mobil, the two largest American producers, have instituted automatic cutbacks of about $2 per bbl. in the prices that they will pay to independent domestic suppliers...
Last week the OPEC oil ministers were trying to reach a consensus prior to the Geneva meeting. One proposal: Saudi Arabia, the free world's largest oil producer, would increase its prices slightly if countries like Libya and Nigeria, which have been charging almost $10 per bbl. more for oil than the Saudis, would agree to lower their prices. In addition, Saudi Oil Minister Sheik Ahmed Zaki Yamani suggested that the cost of crude be frozen until...
...Finally, over the opposition of environmentalists and local residents-not to mention Governor Edmund Brown Jr., who last week filed suit against the Federal Government-Watt wants to open four areas off the California coast to oil and gas exploration. According to some opponents, no more than 194 million bbl of oil lie under these areas, which are located near such scenic spots as Point Reyes and Big Sur. Those 194 million bbl. would meet U.S. needs for about twelve days. But Watt insists: "We must inventory our lands ... the only way to determine the quantities...
...simply needs the oil income. Despite its large foreign reserves, the country is pushing development so rapidly that it is hard-pressed for cash. Writes Douglas J. Feith, general counsel of the Center for International Security in Washington: "A Saudi production cut from 10 million to 5 million bbl. a day would cut Saudi revenues in half-from the current $120 billion a year to around $60 billion. But official Saudi spending is at the rate of $96 billion a year, and thereby hangs a grim tale for the Saudi regime...