Word: bbl
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...vulnerability, the Nuclear Energy Regulatory Commission ordered the immediate shutdown of five mid-Atlantic and New England nuclear power generators on the statistically improbable grounds that an earthquake might occur near by and cause them to pour out radioactive materials. U.S. oil consumption will quickly jump by 100,000 bbl. a day as the affected public utilities switch to increased production by oil-fired generators...
...only is Iraq raising its official price for long-term petroleum contracts, but it is also selling shipments on an individual basis at the even higher spot market prices. Nigeria has also reportedly made deliveries to Israel for as high as $23 per bbl., vs. the official OPEC price of $13.34. Oilmen say that Libya's purpose in reducing sales under long-term contracts is both to prop up the price and to have some additional tonnage of its own to gamble with...
...nation's largest independent refiner, will see first-quarter profits leap by 517% over last year's earnings; one reason is the deals that the firm has been rushing to slap together during the crisis. Last week Ashland eagerly paid an exorbitant price, about $19.50 per bbl. for 300,000 tons of Iranian crude, even though the company's inventories are all but overflowing. Ashland executives had no firm idea of what to do with the shipment, though they hinted that they might try to resell it in the coming weeks at an even higher price than...
...indictments, and the continuing investigations, center on violations of the Government's six-year-old, two-tier price structure for domestic crude. This sets a low rate (now an average $5.65 per bbl.) for "old" oil already in production and, as an incentive for more exploration, a higher price (now $12.53) for "new" finds. The fraud involves false certification and sale of the cheaper "old" oil as expensive "new," an easy matter of fixing papers to hide origins, since all the crude looks the same...
Partly on Alkek's testimony, the grand jury alleged that Uni was the linchpin of a yearlong swindle. Specifically, the jury charged that M&A Petroleum, a small company founded by Alkek, and Ball Marketing had conspired in 1976 to sell Uni nearly 740,000 bbl. of certified old oil at prices from $5.17 to $5.48 per bbl. This oil was then illicitly recertified as new and sold to refineries at $9.55 to $ 14.45. The illegal profits came to as much as $6 million...