Word: crude
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...align their official rates with sagging world petroleum markets, nine of the 13 OPEC members reshuffled the prices of a variety of crudes they sell; the effect was to reduce the weighted average cost of an OPEC barrel of oil by 29 cents, although some grades will drop by more than $1. It was only the second price cut in the organization's 25-year history. The first came in March 1983, when sliding world crude prices forced OPEC to mark down its Arab Light benchmark crude...
...Satoh, 31, last year saw that gasoline in Singapore cost far less than it did in Japan, so he signed a contract to import 18,860 bbl. for his Lions Petroleum Co., which is based near Tokyo. But MITI had other ideas. The ministry had previously ruled that only crude oil, not gasoline, may enter Japan. Refining is done domestically. When word of Satoh's purchase got out, MITI Minister Keijiro Murata sent him an "advice" that bluntly warned, "Do not import that gasoline." Satoh's friendly banker warned him to heed MITI. That did it. Said Satoh...
There are usually two crude drawings, side by side. Mr. Before, the bald- headed man on the left, stares glumly into a future of rejection, loneliness and despair. No bright-eyed new friends for him. Mr. After, who has doused himself with Yuppiegoo, now sprouts a coiffure worthy of Mick Jagger, and he smiles toward a future of romance and success. Dom Perignon in the Bahamas, white tie. Yours for only $1.98, or some such, say those little ads that have long appeared, along with offers of trusses and tattooing kits, in the back pages of the hairier...
...latest run on the pound was triggered primarily by concerns about the future of world oil prices. Because of the current glut in crude, petroleum + prices have been sliding for several months. Britain earns nearly $13 billion from the export of oil, and lower prices would be a serious blow to its economy...
Combining these uncertainties we can sketch two crude scenarios for the U.S. for the next four years. One might be called "an outward looking, competitive U.S." while the next four years. One might be called "an outward In the former, a historic budget compromise brings the deficit to about one percent of GNP by 1988; is followed by major tax reform similar to that proposed by Treasury and Bradley Gephart, coupled with a realignment of roles of the public and private sectors in dealing with the working poor. Savings rates could be expected to rise sharply, interest rates to return...