Word: bbl
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...around most of Kuwait's 700 oil wells and 21 processing plants. If those devices are set off, the subsequent conflagration could create "a nuclear-winter-like situation," asserts Paul Crutzen, director of Germany's Max Planck Institute for Chemistry. Jordanian experts say the wells could burn 10 million bbl. of oil a day, releasing a vast cloud of black smoke into the stratosphere. Such a cloud has the potential to screen sunlight, reduce temperatures and damage crops throughout the northern hemisphere. Not all experts agree with the grim forecasts, contending that Kuwaiti oil fields are too far apart...
...that the U.S. faces a minefield of unprecedented risks that could worsen the recession and prolong it through next year and beyond. Chief among them is the threat of a drawn-out war in the Persian Gulf. That could push the price of oil, which closed at $25.92 per bbl. last week, well past the $41.40-per-bbl. peak that it hit in October. Another serious threat is the possibility of a crisis in the U.S. banking system, which is awash in bad loans and increasingly reluctant to lend more money. L. William Seidman, chairman of the Federal Deposit Insurance...
Their efforts can be surprisingly effective. Barbara Lewis' sixth-grade class at Jackson Elementary School in Salt Lake City not only pressured the Environmental Protection Agency into clearing a 50,000-bbl. hazardous waste dump but helped push through a reluctant state legislature a bill to pay for such cleanups. "Parents believe you can't beat city hall, and find reasons not to get involved," says Andrew Altman, a spokesman for Greenpeace. "Kids don't have that kind of cynicism. They just get things done...
...windfall gain of something on the order of $40 billion" from the crisis by stepping up oil production and selling crude at higher prices. Other estimates run up to $50 billion a year. Western diplomats in Riyadh assert, however, that such calculations assume a price of $30 per bbl. maintained for a full year and that current prices are well below that. They estimate the Saudi windfall at $8 billion to $10 billion during the first five months of the crisis, which would project to $19 billion to $24 billion a year...
...fuel, water and electric needs of the U.S. forces operating there, but how should oil supplied to American troops be valued -- at the price it might fetch if sold on the world market or at Saudi production costs, which may be as low as 50 cents per bbl. of crude? By some estimates, Saudi crisis-related expenses in the first five months have totaled $22 billion, far more than the oil windfall. But these calculations include such items as forgiveness of $4.5 billion in Saudi loans to Egypt, a highly indirect crisis cost...