Word: bbl
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...cheap energy that began early in 1986 already over? That question arose last week as the price of crude oil on the New York futures markets edged past $20 per bbl. for the first time in 17 months. Industry experts said traders have been jittery about increased conflict in the Persian Gulf region, which supplies 20% of the oil consumed by the Western nations, since the attack on the U.S.S. Stark by an Iraqi plane last month...
...relative's money for the prince's exorbitant expenses. In return, the wide-eyed p.r. man was promised he would be made the "exclusive agent for Saudi oil in the U.S.," with commissions of 20% of sales flowing to him. One deal involving shipments of 500,000 bbl. a day, Miller was assured, could realize up to $14 million, which would go to the contras through CIA operatives in El Salvador...
...energy companies. Interior Secretary Donald Hodel renewed the debate last week by proposing that a section of the Arctic National Wildlife Refuge be opened to drilling. He would permit exploration on 1.5 million acres of the 19-million-acre preserve, which could contain between 600 million and 9 billion bbl. of crude. Conservationists contend that drilling would disturb the region's delicate ecosystem for little reason: a strike, they claim, would add just 4% to U.S. oil reserves. Canada also objects to drilling, for fear that caribou migration patterns would be disrupted. Hodel observed that caribou populations in Prudhoe...
...bankruptcy filing is a supreme irony since Texaco would be in robust financial health if it had never tangled with Pennzoil. In the U.S. alone, Texaco has 1.7 billion bbl. of oil reserves, worth $9.6 billion, and 5.l trillion cu. ft. of natural gas with a value of $3.l billion. Before last week, Wall Street analysts had projected Texaco's profits to be more than $650 million for this year and nearly $790 million...
...often as accurate as gazing into a crystal ball, the National Petroleum Council report could turn out to be wrong. A more optimistic outlook is offered by the Energy Information Administration, a division of the Department of Energy. It estimates that oil will sell for less than $20 per bbl. for the next five years and that not until the year 2000 will the U.S. be dependent on foreign supplies for about 55% of its consumption...