Word: bbl
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...conference room, thus weakening the cartel's fearsome control over oil prices. But after a two-day meeting, the OPEC nations agreed unanimously not to let the war between Iran and Iraq get in the way of boosting the price of oil by $2 to $4 per bbl. The price of Saudi Arabian light crude was hiked $2 and set at $32 per bbl., while the official ceiling price for oil sold by any OPEC member was increased by $4, to $41 per bbl. The price increases will jack up the world's oil bill by an estimated...
Such objections, however, are not likely to have any real impact on OPEC decisions. Much more important is the state of world petroleum markets, which are currently afloat in oil. Worldwide demand for the black gold was off by about 2 million bbl. a day in 1980. Some production has resumed in Iran and Iraq, and the Saudis are continuing to pump about 2 million bbl. a day extra to make up for the shortfall caused by the Iranian revolution and by the destruction resulting from the Persian Gulf war. This has permitted oil companies and major petroleum-importing countries...
...returned to a ceiling of 8.5 million bbl. per day, that would immediately affect you. It would remove 2.5 million bbl. per day from the market, and the price of oil would be $60 at least. But why should we keep our production at abnormally high levels without a quid...
Ronald Reagan has some good energy news to greet him next month when he takes office. Americans are now using less fuel. Each American this year will use up an estimated 350 million B.T.U.s of energy (the equivalent of 60.3 bbl. of oil), as compared with 358 million in 1979. In addition, the U.S. so far this year has been importing 19.4% less foreign oil than in 1979. Domestic drilling activity is also at an alltime high, as wildcatters dig wells in the prairies of Wyoming and off the coast of Alaska...
...President-elect, though, also faces a darker side of the energy situation. Total U.S. crude oil consumption this year is about 16.8 million bbl. per day, and 6.7 million bbl. of that is imported. Despite their heavy drilling, oilmen are finding fewer gushers. By 1990, U.S. oil production will have diminished by about 20% from current levels. Thus, the U.S. will continue for most of the decade to be vulnerable to Middle East petroleum cutoffs and exorbitant OPEC price demands...