Word: barreled
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Dates: during 2000-2009
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...prices any time soon, despite OPEC's agreement to raise output. The oil-producing cartel and its non-member allies agreed Tuesday on a 1.7 million barell-a-day increase in the amount of crude they pump, in response to pressure from the U.S. for a 2.5 million-barrel-a-day increase. "Washington was pushing for 2.5 million a day in the hope that it would bring quicker relief to U.S. consumers," says TIME senior business writer Bernard Baumohl. "Even an increase of 1.7 million won't bring U.S. energy prices down that much...
...forced to call in political chits to bring down the oil price shows a remarkable turnaround for an oil cartel that was all but written off two years ago, when it flailed helplessly trying to stop members from cheating on output targets as the price languished at $10 a barrel. "OPEC itself may have been surprised at the extent to which their members and associates have complied with production targets over the past year, because there had been so much cheating in the past," says Baumohl. "Non-OPEC producers would start to cheat to generate more revenue from...
...look quite as rosy. Republicans are drooling over the potential to exploit Energy Secretary Bill Richardson's recent admission that the Clinton administration "was caught napping" on OPEC's actions to increase oil prices. In particular, they are likely to focus on the gap between the 2.3 million-barrels-a-day production increase that Richardson was asking for - a level that could have resulted in a price reduction - and the 1.7 million-barrel increase that appears likely. In a country that has embraced the gas-guzzling SUV with enthusiasm, look for Vice President Gore to make special efforts to smooth...
...price of oil has almost tripled over the last 14 months, from $11 to $30 a barrel, mainly due to supply constraints imposed by the cartel of Oil Producing and Exporting Countries (OPEC). The costs of heating oil and gasoline in the U.S. are rising substantially, with gas prices expected to reach $1.80 or even $2 a gallon by the summer. Although the price rise is smaller than those of the 1970s, some worry that the increases will fuel inflation--or convince Federal Reserve Chairman Alan Greenspan to raise interest rates--and choke off the economy's growth...
FAMOUS VINTAGE This week Oscar-winning director Francis Ford Coppola will be honored by the European Wine Council in recognition of the output from his Napa Valley winery. But Coppola isn't the only celebrity oenophile wielding an oak barrel. Here, a tasting of a few other vanity vineyards...