Word: bbl
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...Lewis Nasife, president of Charter Crude Oil, responded to Billy's invitation and visited Carter's Buena Vista home. They talked oil-and big bucks. Charter at the time was getting about 125,000 bbl. of crude a day from Libya. Billy said he thought he could get the company up to an additional 100,000 bbl. If he did so, Carter wondered, what kind of broker's commission would Charter pay? The two men worked out a verbal agreement that was later confirmed in a short "Dear Billy" letter by Nasife. If Billy succeeded in providing...
...August for a visit that coincided with the tenth anniversary of Libya's revolution. He returned without any commitment from Libya to make more oil available to Charter. Instead, Libya was cutting back its oil production and later reduced Charter's allotment to 60,000 bbl...
This strengthened relationship comes at a time when Egypt is basking in a spell of peace-induced prosperity. Thanks to the return of the Sinai oilfields, which Israel had held since the 1967 war, Egypt is now pumping 625,000 bbl. of oil per day, and this year will earn $2 billion in petroleum export revenues. Suez Canal tolls should amount to nearly $1 billion by next year, and Egyptian workers abroad currently send $2 billion per year back home. Overall, the rise in foreign-exchange earnings, from $2.6 billion in 1975 to $7 billion in 1979, has produced...
...despite brimming storage tanks, the oil companies are buying all the crude that they can, even at $32 per bbl. Said one Exxon official: "There's still a fear of being caught short if Iraq reduced production or Iran cut back more. We're going to fill every bucket." American oil reserves now amount to only a ten-week supply of imports at current consumption levels, and today's ocean of oil could evaporate like a mirage in the desert...
...financial adviser, connoisseur of paintings, wine, well-bound books and unfettered women. Petrodollars, he reasons coldly, can rig almost anything, including the stock market. His plan is simple. Surreptitiously insert billions of those dollars into the U.S. stock market and then cut the price of oil to $10 per bbl. The Dow Jones average will go through the top of the World Trade Center, and the Kingdom will be an overnight hero to the hard-pressed West. The scheme works on paper -at least the clothbound kind...