Word: bbl
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...coup even though Rodriguez's regime has lately been in considerable economic trouble. In the first half of 1974, Ecuador exported $444 million worth of goods, primarily oil from its jungle wells, coffee and bananas. But then hypernationalistic government ministers raised the price of oil 54&#cent; per bbl. above OPEC's price. In protest, the oil companies severely limited production. Although revenues plummeted, Ecuador's nouveau riche refused to curtail their lust for new foreign cars and TV sets, thereby helping to create a trade deficit that for the first six months...
Belatedly bowing to reality, Rodriguez in July fired his Natural Resources Minister and dropped the price of oil 43? per bbl., whereupon the companies began pumping again. Recently the President announced the imposition of a stiff 60% tax on imported luxuries. That drew howls of complaints from shopkeepers in Quito and their customers, but it may be enough to get Ecuador back in the black...
...Israel would give up the Abu Rudeis oilfields on the Gulf of Suez. The fields now pump 36.5 million bbl. of oil a year, roughly 50% of Israel's total domestic needs. Without the crude, Jerusalem would be even more dependent than it is now on its chief foreign supplier, Iran, which has been growing increasingly critical of Israeli policy in recent months. The cost in foreign exchange would be $350 million per year, a critical sum for a country that is already running a deficit of $3 billion...
...extension of the controls that Congress has passed and will officially send to him by month's end. If his veto is upheld, as previous ones have been, controls will end on Aug. 31, and the 60% of U.S.-produced oil that has been held to $5.25 per bbl. will be free to rise. The Administration hopes the climb will discourage oil use and spur domestic production...
...cushion the economic impact" of sudden decontrol, Ford announced he will remove a $2-per-bbl. tariff on imported crude and a 60?-per-bbl. fee on foreign refined products. That will cut the selling price of foreign oil to American consumers from its present $14.50 per bbl. and in effect lower the market ceiling toward which domestic oil prices could rise. If Congress overrides his veto of the controls extension, Ford has threatened to reinstate the tariff...