Word: bbl
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...squeeze is being aggravated by competition from Western European importers, who are paying premium prices to buy up heating oil that is refined in offshore Caribbean refineries and normally goes to the U.S. market. To ease the pinch, the Administration is now providing a temporary $5-per-bbl. subsidy for U.S. importers to match the European price. This has infuriated Europeans, who rightly argue that U.S. policy is fueling a price war that will hurt everyone...
Since April, when OPEC boosted prices 9% to an average of $14.55 per bbl., price gouging by individual members has pushed up charges for some grades of crude to $20 or more per bbl. Lately cartel members have been leapfrogging each other to grab ever higher prices. No sooner did Algeria and Nigeria post unilateral increases of up to $2.45 per bbl. on their low-sulfur crude than Libya raised the price of its own competing grade by a comparable amount. The increase, Libya's second in a month, was promptly followed by a rise by Iraq as well...
...crunch that was caused by the cutoff of oil from Iran earlier this year taught the world how deeply dependent it is on crude from that tortured land. Lately the export flow has been back up to 3.3 million bbl. per day, but there were reports last week that production is dropping, and once again the supply is endangered. A shutdown of Iranian production would put the U.S. in a tough position. Oil stocks are already very low, and consumption would have to be reduced by at least 1.7 million to 2 million bbl. per day. "We would hope that...
...dusty, steamy Abadan, where temperatures routinely hover at 100° F and the airport VIP lounge has lately been converted into a mosque, an air of normality appears to have returned. But life is anything but normal inside the world's largest refinery (capacity: 630,000 bbl. per day) in the heart of the city. Members of the workers' council argue interminably. Said one welder after a particularly boisterous session: "Nobody can make any decisions. All anybody does is talk...
...previously discouraging Baltimore Canyon, 80 miles off the New Jersey shore. Farther in the future, Ketelsen has hopes for geopres-surized gas-squeezing out large amounts of methane that is mixed in with sea water in mammoth caverns along the coasts of Louisiana and Texas. The $3-per-bbl. tax credit, now proposed by the Administration, would bring Colorado's oil shale to the brink of profitability. In sum, says Ketelsen, "If we properly develop the energy sources we have in the Americas, we could end up in a strong position and have a very exciting two or three...