Word: bbl
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Wyoming already ranks as the nation's leading producer of uranium and soda ash and is the source of more than 12 million bbl. of oil per year. But even greater promise is offered by more than 545 billion tons of coal. At present rates of use, Wyoming could supply the nation's total coal demand for a quarter-century. Much of the coal is low-polluting, low-sulfur sub-bituminous that lies in miles-long, 45-ft.-thick seams only a few feet below the surface...
More important, the Saudis announced that for the first time they will auction some of the more than 5 million bbl. of oil daily that they receive from their 60% ownership of the Arabian American Oil Co. (Aramco). Unlike Kuwait, which two weeks ago announced that it will no longer auction its crude because offered prices were too low, the Saudis will accept whatever they are bid. The first auction will take place in August and could involve most of Saudi Arabia's share of Aramco's output. Initially the oil will probably sell for as much...
...Countries, most of which are eager for yet another boost. Algeria and Venezuela are considering cutting back production in an attempt to keep prices at their current levels. In Kuwait, the government recently beat back an attempt by some members of Parliament to slash daily output to 1.5 million bbl. from 2.5 million bbl...
...price petroleum on the market. In order to keep the cartel together, the delegates settled on a compromise that will hold posted prices steady but raise by 2% the royalties that they collect on each barrel from the companies. That works out to a mere 5? per bbl., or roughly one-eighth cent on a gallon of gasoline...
...pricing system, the four American oil companies (Exxon, Texaco, Standard of California and Mobil) that have part-ownership of Aramco will have to "buy back" 60% of Aramco's daily output at 93% of the posted price, raising the market price of Saudi crude by about $1 per bbl. But when the Saudis take complete control of Aramco, they will have to set directly whatever price they think suitable-and the world is waiting to see how low it will...