Word: bbl
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Today, Russia's finances look a lot less robust. The government budget was based on oil at $70 per bbl., far above the current price, and it will consequently swing into deficit next year for the first time since 2001. The stock market has dropped more than 70% in the past year, as the nation's business élite have dumped stocks to repay the huge loans they had taken out to finance acquisitions in Russia and abroad. Capital is fleeing--investors have pulled about $245 billion out of Russia since August--and the ruble is under pressure...
...lesser but more resilient bean by about 1825. As a result, the criollo was all but lost. It didn't help that Venezuela began to focus on more lucrative resources such as coffee and, in the early 20th century, oil. Today, "for every sack of cacao, 10 million bbl. of oil are produced" in Venezuela, Rosenberg notes. "In an oil economy, cacao is simply not that competitive...
...Crude oil tops $140 per bbl. American consumers pay upwards of $4 for a gallon of gas at the pump...
...Congress didn't set fuel standards until after the oil embargo of 1973. By 1985, efficiency had improved dramatically, but momentum slowed as the government let standards stagnate. President Barack Obama's support for raising fuel efficiency to 35 m.p.g. by 2020--a move that could save 2 million bbl. of oil a day--has environmentalists cheering...
...cheap? The one sure way to prevent this second scenario from happening is not to let gas get cheap again. Yes, this is yet another plea for that hoary notion: a big energy tax. Just five months ago, we were essentially paying a tax of $95 per bbl. That's the difference between what oil cost then and what it costs now. This was a "tax" whereby the revenue went into the pockets of oil producers - about two-thirds of them foreign countries and one-third fellow Americans. Isn't there something better to do with the money...