Word: bbl
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2000
Sort By: most recent first
(reverse)
...President of Venezuela, saw an opportunity in the booming economies of the developed world to turn a moribund cartel back into a global economic powerhouse. Against the backdrop of soaring energy prices, which have tripled during the past two years to a high two weeks ago of $36 per bbl., Chavez took center stage in Caracas last week to proclaim OPEC's "resurrection...
...other words, the new OPEC doesn't want to gouge its customers; it wants global economic stability. That's why at week's end the cartel suggested that its goal was to lift production enough to bring prices down to between $22 and $28 per bbl.--a level that should ease the sense of crisis felt from Washington to Tokyo. Last week the price of crude oil closed...
...cutting production, "they'd wipe out any impact from releasing oil from that reserve." Gore now argues that circumstances have changed. The OPEC nations, he said last week, "pledged to increase oil production, and they have not." But the Clinton Administration says OPEC is now producing 3.5 million bbl. a day more than it did last March...
...refineries spent the summer making gasoline, because doing so ensured high profits. They didn't refine much heating oil because they didn't want to be stuck with large, high-cost inventories if the price dropped before winter. That didn't happen. Crude oil now costs about $10 per bbl. more than it did a year ago, and the domestic heating-oil supply remains dangerously low. So Gore found himself embracing a solution he didn't trust seven months...
Most experts say tapping the reserve is likely to drive down the price of oil--which is determined as much by speculation as by supply--in the short term. (By the end of last week the price had already dropped to $32.65 per bbl., from $37.20 last Wednesday.) The tax credits should help lower the price of heating oil this winter, and the low-income funds will ease the burden on some families...