Word: crude
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Dates: during 1970-1979
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America's oil shale, which is estimated to contain about 75 billion bbl. of recoverable crude, is also concentrated in the region. Elaborate pilot projects to get the oil are planned by Occidental Petroleum in western Colorado and Union Oil in southeastern Wyoming. The investment would be hefty-$120 million for Union's 20,000-acre test site designed to produce 9,000 bbl. daily-but there is a strong chance that Congress will approve a $3 tax credit for each barrel produced...
...main reason is the renewed weakness of the dollar. At the cartel's June meeting, which lifted average crude costs by 42%, to about $20 per bbl., even so-called moderate members warned that a 5% drop in the dollar's value could easily provoke another round of increases. In the past month the greenback has slumped by almost that much against strong foreign currencies, and several OPEC states are calling for an emergency meeting on prices as early as September in Vienna-well ahead of the next officially scheduled conference in December...
Some members are beginning to take price-boosting actions on their own. Last week Nigeria announced plans for a 10% cutback in the production of its much prized low-sulfur crude, Algeria threatened an even larger 20% cut of its own, and Kuwait indicated that it intended to reduce output by as much as 25% early next year...
...having spent time in the gay and lesbian rights movement will know that destroyed flyers and ignorant taunts are par for the course. Yet it is nevertheless somewhat amazing that Harvard Students, many of whom arrive fresh from superior early education and intelligent, liberal parents, would respond in the crude manner of the residents of Stoughton Hall. Likewise, it is amazing that Cambridge, the center, some say, of liberal education and general enlightment should respond with the tearing down of signs...
...worldwide oil glut. But there is no doubt that the companies have reaped a bonanza from the 60% runup in OPEC prices since January. For example, about 30% of U.S.-produced oil is, in effect, uncontrolled When world oil prices go up, the price of this uncontrolled crude rises right along them. But the companies assert that most of their profits come from operations overseas, where no price restrictions apply...