Word: benchmarking
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...Brent crude, to $28.65. For oil exporters the events were ominously familiar. When Norway and Britain officially discounted their oil in February 1983, the move forced the Organization of Petroleum Exporting Countries to make its first price cut in history, a $5-per-bbl. markdown, to $29 for the benchmark Arab Light crude...
Taken alone, last week's price cuts will have little impact on fuel prices in the U.S. But if they force OPEC to cut its benchmark Arab Light by about $1.50, to $27.50, gasoline prices in the U.S. could fall by about 30 per gal. Lower energy prices would spark more economic growth. But a fall in oil revenue would aggravate the problems of such countries as Mexico and Venezuela, which depend largely on oil income to pay their enormous foreign debts. Their trouble could extend to the dozens of U.S. banks that hold Latin American loans...
...mouth. All along it was to be the first time that a woman contender for national office had trod on the dueling ground of televised debate. Then, after Ronald Reagan's unexpectedly weak performance against Walter Mondale, the match-off between running mates also became a potential benchmark scoring opportunity for Democrat Ferraro. The challengers had a chance to claim two underdog victories in quick succession and keep their comeback momentum rolling...
...Federal Reserve Board moved during the early summer to moderate the recovery because higher inflation remains a danger if the economy grows too fast. Concerned about rapid expansion of the money supply, the Reserve Board nudged interest rates up a notch. The benchmark prime rate that banks charge top corporate customers rose from 10.5% to 11%. Some members of the TIME board felt that the economy would have cooled off to a sustainable growth rate without the Fed's intervention. Said University of Minnesota Professor Walter Heller: "The Reserve Board tightened unnecessarily. It didn't make any sense...
...Europeans, declining oil prices are in one sense a mixed blessing: the controversial Soviet natural-gas pipeline is much less attractive than before. Among the terms the Europeans granted the Soviets was a guaranteed floor price on 80% of the gas delivered. It was pegged to correspond with the benchmark price then in effect for OPEC...