Word: barrelfuls
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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...
...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...
Then there's Airbus, long ridiculed by Boeing as a massive pork-barrel project for second-rate aircraft manufacturers. Last year the European consortium captured 55% of global-passenger jetliner sales, outflanking Boeing for the first, but probably not the last, time. Competitive prices and superior salesmanship are factors in the success of Airbus, but so is technology. Airbus beat Boeing to the market with computer-laden "fly-by-wire" technology, which, it says, enhances safety while lowering costs. The flying experience is so similar from model to model that Airbus-equipped airlines save millions of dollars in training costs...