Word: bbl
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Since January, the price of oil had been dropping like a stone, from $25 to $9 per bbl. Independent oilmen like Bush were going under every day, dragging with them six of Midland's banks and its real estate, oil-services and retail industries. From the Rolls-Royce dealership on down, the whole town was getting shuttered. "I don't know, Dickey," Bush said. He was about to turn 40. He had been telling his employees that the hard times would last a few months, that they would just ride 'em out. But he let down his guard...
...businesses. Pertamina imported and exported much of its oil through two small companies in which Tommy and older brother Bambang acquired significant stakes in the mid-1980s. According to a senior official in Habibie's government, the firms received average commissions of 30[cents] to 35[cents] per bbl., totaling more than $50 million in fiscal year...
...jobs, with an additional 17,000 at risk in the first half of 1999, according to the American Petroleum Institute. Almost 140,000 domestic oil wells have been abandoned in little over a year, principally in Texas, Oklahoma, Colorado and Louisiana, forcing U.S. daily production down by 360,000 bbl. a day. In Alaska, which depends on tax revenues from oil, the state is forecasting a $1 billion budget gap, equal to about half the money it needs to pay for the day-to-day running of government...
...Saudis, the aim is to absorb some 300 million bbl. of supply overhang and bring inventories more in line with demand. It won't be easy. Nearly a year ago, some of the same countries that signed on to last week's deal agreed to reduce oil production by a whopping 3.1 million bbl. daily. When that happened, prices rose from $13 to more than $17 per bbl. Then flagrant quota busting, higher production from Iraq, warmer winter weather and lower demand for energy in Asia combined to wreck the price-fixing scheme, and oil crashed to just over...
...same thing happen again? The first test will come when OPEC decides the allocation of production cuts among 10 of its members. Saudi Arabia alone seems prepared to accept reductions of 500,000 bbl. a day in output. But that still leaves 1.5 million bbl. in reduced production and revenues to divvy up among the other members. Many of them, including Iran, Indonesia, Nigeria and Venezuela, are in much greater need of cash than even the Saudis. "I don't like to project what is going to happen," Saudi oil czar Naimi told TIME last week. "But I believe...