Word: crude
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...critics argued that overnight gasoline-price hikes were unfair since shipments of the higher-priced crude could not possibly reach U.S. shores in less than six weeks. Therefore, they reasoned, the oil companies were raising prices greedily on products already in hand. In a TIME/CNN poll conducted by Yankelovich Clancy Shulman, 87% of those surveyed considered the oil-price increases to be unfair, and 80% said there should be laws to limit how much oil companies can raise prices during a crisis...
...prices were rising simultaneously all along the distribution pipeline as wholesalers and retailers alike tried to cover the so-called replacement cost of buying new, more expensive supplies. Said Richard Hebert, a spokesman for the AAA: "It used to take six weeks for a jump in the price of crude oil to find its way to the pumps. Now it happens in six minutes...
...phone call was especially important. Before the crisis, Japan imported 12% of its oil from Iraq and Kuwait. Nonetheless, Bush persuaded Japanese Prime Minister Toshiki Kaifu to join the boycott of Iraqi crude. "People are always giving Bush guff for his first-name strategy with world leaders," says an Administration official. "But then he calls Tokyo and gets Kaifu to go along with the oil embargo, a step that may not be in Japan's self-interest. To say we were surprised is to put it mildly." Equally impressive was the President's engineering of United Nations sanctions against Iraq...
...been nagging at millions of Americans as the U.S. economy poked along in the slow lane. From New England computer makers to California missile builders, many industries that boomed in the go-go '80s have slumped in the slo-mo '90s. But the sudden spurt in the cost of crude oil brought on by Iraq's invasion of Kuwait -- from about $20 per bbl. on Aug. 1 to a high of more than $28 per bbl. last week -- threatened to turn an already painful slowdown into a full-blown recession. Says Richard Bermer, an economist for Salomon Brothers: "The question...
...markets gyrated, higher crude prices began to ripple through the economy, shocking motorists at the gas pumps and boosting the cost of producing petrochemicals and plastics. Airlines, which spend 15% of their operating costs on jet fuel, were particularly hard hit. Most major carriers added a 5.3% fuel-cost surcharge to their ticket prices. In response, Transportation Secretary Samuel Skinner summoned airline executives to Washington this week to ask them about the surcharges...