Word: bbl
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With the price of gas up 26% over the past year and oil hitting a staggering new high last week of $67 per bbl., too many Americans are filling up without paying up. Although some gas stations have installed such deterrents as extra surveillance cameras as well as systems that force customers to pay before they pump, many more have been nagging state legislators to help curb rampant gas theft. Here are some of the fruits of their lobbying...
...that Castro did not, and that is why his rhetoric is being taken more seriously from the barrios of Caracas to the hallways of Washington. Chávez controls the hemisphere's largest oil reserves and is the U.S.'s fourth largest foreign supplier. As oil prices hit $60 per bbl. this summer, his government reaped a multibillion-dollar windfall. Chávez has used that, and his rising prestige in the region, to lead a political shift in Latin America that is buzzing like a Che Guevara souvenir convention. With the Bush Administration tied up in the global war on terrorism...
Banner headlines in Iraqi newspapers last Friday proclaimed WE DESTROYED KHARG ISLAND. The papers reported a "massive blitz" by Iraqi planes against the terminal, one of the world's largest, through which flow 90% of Iran's crude-oil exports of 1.6 million bbl. a day. If indeed Iraq had destroyed the terminal, it would have been a turning point in the five-year-old gulf war. By late last week, however, oil-industry experts concluded that although Iraqi jets had managed to penetrate the heavily defended southeastern, landward side of the complex known as "T terminal," the strike would...
...goals of a growing defense budget and protecting the safety-net social programs, says Domenici, "there will have to be some sort of tax enhancement." Possible candidates are a tax on oil imports, which would raise $25 billion over three years at the rate of $5 per bbl., and a business transfer tax, a levy similar to Europe's value-added tax, which would yield $84 billion a year at the rate...
...second to Southwest in benefiting from hedging, according to industry analyst Cordle. The low-cost carrier, which largely serves the West Coast, has netted more than $100 million in savings from its smart hedging positions since 2002. This year the airline will buy half its fuel at $30 per bbl. But like Southwest's, that spread will diminish by the end of the decade. By then, all airlines will have to face the reality that their core business--not their fancy financial instruments--can be the only guarantor of success. JetBlue, the profitable low-cost carrier, is less hedged than...