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Fortunately, the U.S. did take some actions that have made a replay of the oil shocks of 1973 and 1979 less likely. Price controls that distorted energy markets have been lifted, and most of the restrictions that made it difficult for industries to shift to whatever fuel is cheapest have been removed. Most vital is the Strategic Petroleum Reserve, 590 million bbl. of crude that the government has been stashing away in salt domes in Louisiana and Texas since 1977. Though the reserve is designed to combat shortages that might arise during a crisis, some members of Congress and many...

Author: /time Magazine | Title: The Gulf: Why the U.S. Is Vulnerable | 8/20/1990 | See Source »

First it was the Italians and the Jews. Now it is the Koreans. Each new group of immigrants has arrived in New York City scratching for a foothold. They open Mom and Pop stores in the cheapest neighborhoods and, as they succeed, stir the resentment of longtime residents who are often mired in poverty. South Korean immigrants now own 2,500 of the more than 3,000 fruit and vegetable stores in the New York City area. Blacks often resent the newcomers' ability to garner profits from their community. Differences in class and culture as well as stubborn myths have...

Author: /time Magazine | Title: Why Blacks and Koreans Clash | 5/28/1990 | See Source »

Along with the cost of missing work, Harvard parents of all incomes are socked by the phenomenal cost of nearby hotels, most of which require reservations for Commencement months or years in advance. Some even require a minimum stay of three days. The Harvard Motor Lodge, among the cheapest of nearby hotels at $98 per double room per night, is usually unavailable to the parents of poorer students, because it gives preference in reservations to guests who have stayed there before...

Author: By Terri E. Gerstein, | Title: Champagne Parties on Beer Budgets | 4/30/1990 | See Source »

Under Bush's plan, the Government would set a national limit on emissions of sulfur dioxide, a prime cause of acid rain. But, instead of dictating how to meet the target, the Government would let the marketplace determine the cheapest, most efficient way to get the job done. Each company would be allotted an acceptable level of SO2 production, amounting to its fair share of the national limit. If a company managed to pollute less than its share, it could receive permits representing the shortfall, which it could sell to firms that could not meet their target. That is where...

Author: /time Magazine | Title: Environment: Giving Greed a Chance | 2/12/1990 | See Source »

...wearing a red g-string and highheels; her hair also had red highlights, though these were hard to distinguish under the lights. I had my feet on the stage, and my elbow on the table, next to Chris's beer. We both had Buds, as always, the cheapest drink...

Author: By John P. Thompson, | Title: PHOENIX | 1/22/1990 | See Source »

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