Word: bbl
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...outdone, President Clinton last week ordered the sale of about 12 million bbl. of oil from the Strategic Petroleum Reserve. Though a sale totaling $277 million was mandated by Congress in the budget agreement two weeks ago, the Administration's move to do so last week was a dramatic gesture that officials hoped would dampen the upward price spiral. The President's order, said White House spokesman Mike McCurry, is a "precise, prudent and modest step, designed to move the market in the right direction...
Sure it is. Because Americans consume 17 million bbl. of oil daily, dumping 12 million bbl. on the market may be spitting in the ocean. And the reserve will thus sell for $21 per bbl. oil that was purchased for $27. That's some kind of deficit reduction...
...drivers of all types of vehicles are sacrificing fuel economy by taking full advantage of new, higher speed limits in many states. As a result of this national indulgence, industry experts estimate that third- and fourth-quarter consumption of gasoline this year will reach 8 million and 8.1 million bbl. a day, respectively, a 7.5% and 10% increase over last year...
...supply side has traveled in the opposite direction. Since 1981, the number of U.S. refineries has dropped steadily, although capacity has held at around 15 million bbl. a day since the mid-1980s. That seems like plenty, but refineries, like most industries, operate on a "just-in-time" inventory system, meaning they buy supplies of crude oil just before they need them, keeping barely adequate inventories of refined products on hand. The industry currently has 203.5 million bbl. of gasoline in storage, compared with 210.7 million bbl. at this time last year. Inventories of crude oil are even more depleted...
...resources and salivates. Texaco, Exxon, Amoco, Norsk Hydro and other transnational oil companies are setting up joint ventures to tap into the enormous oil and gas reserves scattered through Siberia, including the Timan Pechora basin above the Arctic Circle (where the recoverable reserves are estimated at nearly 4 billion bbl.). Canadian, American and other Western mining companies are prospecting for gold and other minerals. Norwegian and Japanese interests are negotiating to increase shipping between Europe and Asia by way of arctic waters north of Siberia...