Word: bbl
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...industry is barreling head on into the energy crisis that is changing American auto-buying habits. Cars and trucks use up 40%, or 7.4 million bbl. a day, of all the petroleum burned in the U.S. The oil price explosion has sent the average cost of gasoline from 350 per gal. four years ago to 700 today, and that figure is sure to rise as a result of the latest increases by Iran, Kuwait, Libya, Algeria and other OPEC members. Spot shortages of low-polluting unleaded gasoline are already occurring, and its price is expected to climb...
...regime tirelessly proclaims that it will never again sell the 5.5 million bbl. per day that made prerevolutionary Iran the second largest oil producer in the 13-member OPEC cartel. On the other hand, the country's strife-battered economy desperately needs the hard foreign money that petroleum brings in. Since the Khomeini government has not yet figured out what its revenue needs will be, NIOC has been unable to gauge how much oil it will have to pump. In the uncertainty, Iranian authorities have been grabbing projected export figures out o the air, with semiofficial guesstimate ranging from...
...voluntary conservation agreement worked out last week during a two-day conference of the 20-nation International Energy Agency in Paris. The nations agreed to cut overall oil consumption by 5%, but because the U.S. uses so much, it pledged to reduce imports by 11%, or 1 million bbl. a day. The U.S. Department of Energy announced that it would meet that goal by relaxing controls on gasoline so that the retail price, which now averages some 70? for regular, will rise about 5? during the year, thereby discouraging consumption...
When supplies fall short of demand, even by a small amount, the number of deals is multiplied and the spot price spurts to whatever the market will bear. The official OPEC price, under which most oil is traded on short-term contracts, is now $13.34 per bbl. But last week some desperate, we'll-pay-anything customers took spot shipments of oil at $28 per bbl. Meanwhile, a number of sellers have been asking, but not necessarily receiving, as much as $34 per bbl...
...supplies fall, the price of oil is going up. Though Saudi Arabia and some other OPEC nations have been pumping an extra 3 million bbl. per day at higher prices to offset some of Iran's export shortfall of 5.5 million bbl. per day, the net world loss of 2.5 million bbl. has still started what some oilmen describe as a wild scramble for crude in the free market. Since mid-December the spot price has nearly doubled, to at least $22 a barrel, vs. the OPEC cartel's price of $13.34. This windfall profit for European...