Word: bbl
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Dates: during 1990-1990
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...busiest exploration areas in North America. Even Petrobras, the national oil company of Brazil and a deep- drilling pioneer, has established a Houston-based subsidiary to get in on the action. The lure of the Gulf is irresistible: estimated oil reserves of up to 36 billion bbl., nearly four times as much as in Alaska's Prudhoe Bay. Companies have snapped up nearly 1,700 federal drilling leases at depths of 370 m (1,200 ft.) and beyond. Some 25 rigs are currently in operation, and several big production projects are in the works...
...mile-long share of Rumaila squarely on Iraqi turf. Alternatively, Kuwait could agree to turn its proceeds from Rumaila over to Baghdad. Though the field is extraordinarily bountiful, its loss would not seriously dent Kuwait's oil riches. Prior to the invasion, Kuwait was extracting some 10,000 bbl. a day from Rumaila, just 0.5% of its total production of 2 million bbl...
...only or even main cause for war, whatever the cynics say. Would the U.S. have fought to conquer the Middle Eastern oil fields if Saddam Hussein had peacefully persuaded Kuwait, Saudi Arabia et al. to restrict production enough to shoot the price up to $40 per bbl.? Get real. The central issue is aggression, and how -- make that whether -- it can be contained in the post-cold war world. And forget all the moaning about shedding blood to keep feudal autocracies in control of Kuwait and Saudi Arabia. One might well wish for more appealing victims and potential victims...
...1970s, when Big Oil's "obscene" profits inspired a wave of legislative controls. The oil companies contend that they have heeded President Bush's admonition to show restraint at the gas pump. In fact, while oil prices at the end of last week stood at about $33 per bbl., or 65% higher than they were just before Iraq invaded Kuwait, average U.S. gasoline prices were only 31% higher, or $1.38 per gal. for unleaded regular. Said Holly Hutchins, a spokesman for Shell Oil: "We gave up a considerable amount at the pump to meet the President's request...
...presence of U.S. troops in the region, have halted all oil exports to Jordan. Despite the U.N. embargo, Amman continues to get 80% of its oil from Iraq, which is credited against Baghdad's $310 million debt to Jordan at the less than market rate of $16 per bbl. But fuel purchases on the open market this year could total nearly $900 million...