Word: busting
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Dates: during 1990-1999
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Seattle boasts four thriving independent record labels; six key music clubs, like the Vogue, in the downtown area alone; and nearly that many recording studios. Representatives of rival record companies prowl the streets in major- label wolf packs, looking for the next bust-out band: Heard War Babies yet? Checked out Mudhoney? Get on it, and get with it. As Steve Slaton, regent of the local deejays, puts it, "Seattle seems to be the center of the musical universe. It's just the real deal...
...scene across America's oil patch these days bears a chilling likeness to the bust that befell the region in the mid-1980s, when energy-production jobs plunged more than one-third. But in fact the situation today is worse. While many parts of the U.S. economy are struggling through the recession, few are as hard hit as energy. By every measure, these are among the toughest times since that first gusher at Spindletop in 1901 -- more akin to the Great Depression than the cyclical booms-and-busts since...
Unlike the bust of the mid-'80s, which was marked by nose-diving crude-oil prices, the immediate problem this time is natural gas. Often extracted from the same formations as oil, gas accounts for 24% of the nation's energy consumption, mainly in heavy industry. Producer prices at the wellhead have been in a free fall for months, plummeting last month to $1 per 1,000 cu. ft., down 23% from a year ago. At that price, producers say they can barely turn a profit, and many who can still afford to operate are shutting their supplies...
...many respects, the current slump is an extension of the mid-'80s energy bust that saw prices plummet to $9 per bbl. Just as the region was attempting to diversify out of its energy dependence, the gulf crisis suddenly forced prices to $40 in 1990, spurring some drillers to crank up rigs again. But when the war ended, hopes were dashed just as quickly; prices slid back down, and the small trickle of investment money dried...
...Patch Goes Bust...