Word: barrelling
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Dates: during 1980-1989
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When budget planners for the Faculty of Arts and Sciences (FAS) drew up the budget for fiscal 1980-81, they calculated an oil cost of roughly $44 per barrel. Actual oil costs came closer to $36 a barrel, and the Faculty reaped a hefty "windfall...
Over the past decade, energy costs have proved an increasingly heavy financial burden for the Faculty, especially with the 12-fold rise in the price of a barrel of oil from $3 in 1970 to $36 in 1980. In the fiscal year ending last June 30, these costs constituted slightly less than $8 million of the Faculty's approximately $60 million unrestricted budget, says Michael N. Lichten, assistant energy coordinator for the Faculty...
Reduced energy consumption will probably not mean reduced overall energy costs--the uncertainty of oil prices prevents that, as any instability in the Middle East could send the cost of a barrel skyrocketing as it did during the 1970s...
...obsolescence and indulgence. "I'm sick of everyone pretending to be Dan Deaves in his L.L. Bean Moccasins, and his Dubbelwares, and his Japanese Bucksaw--all these fake frontiersman with their chuckwagons full of Twinkies and Wonderbread and aerosol cheesespread. Get out the Duraflame log and the plastic cracker barrel, Dan, and let's talk of self-sufficiency...
...price hawks in the 13-nation Organization of Petroleum Exporting Countries, Nigeria for years kept the oil-consuming nations of the world over a barrel by forcing world oil prices relentlessly higher. Now that demand for petroleum is slumping on markets everywhere, however, the price of crude has dropped from $40 per bbl. to $28 per bbl. on the unregulated spot market. As a result, the economic outlook for the 90 million inhabitants of Nigeria, black Africa's wealthiest and most populous nation, has suddenly turned bleak...