Word: almost
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Dates: during 1970-1979
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...importing nations are still struggling to recover from the recession that followed OPEC's huge price rises of 1973 and 1974. The latest assault, which is expected to send an incredible $182 billion cascading into the cartel's overflowing coffers by year's end, is almost guaranteed to plunge even the strongest economies into an oil-greased slide all over again...
...system technically lifts the official, or "bench mark," price of crude to a record $18 per bbl., up fully 42% since the first of the year. That is the price that Saudi Arabia, Qatar and the United Arab Emirates will charge. The other ten OPEC members, which account for almost two-thirds of the cartel's exports, will sell at $20 per bbl. Reason: most are already charging an average of $17.50 per bbl. as a result of premiums and surcharges, and a rise of a mere 500 per bbl. hardly seemed worth the trouble...
...applied solely to specially attractive crudes, such as Nigeria's and Libya's low-sulfur oil, which is now much in demand for refining into gasoline. Veteran observers of past OPEC behavior expect the differentials soon to be turning up as part of the price for almost any grade of cartel crude. As a portent of things to come, the Algerians announced that they would immediately start charging the top dollar possible...
...some sense of forward movement. When Democratic Representative Bill Moorhead of Pennsylvania introduced a bill last January to produce 500,000 bbl. a day in synthetic fuels by 1985, he won little support; but when the gas lines began to form, as Moorhead put it, they "ignited the bill." Almost overnight, he found he had 170 cosponsors, including many Republicans...
...notes: "We guessed in favor of the six-cylinder engines. But right now sales are running 60 to 40 in favor of the fours." GM is getting no help from its big cars either. Sales of the standard Chevrolet are off 20% since January; Buick Le Sabres are limping almost 29% behind 1978's pace, and purchases of the Oldsmobile 98 are down...