Word: crude
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...that concerned members of the peace movement fear nothing can be done to soften its anti-American tone. An even greater worry is that without the discipline and organization of the environmentalists and the two religious groups, the demonstrations may turn violent. That, even more than the Communists' crude manipulation, could deal a serious blow to the Western European peace movement...
...sent hundreds of billions of dollars flowing into the treasuries of a handful of oil producers. Now the combined effects of recession and conservation have sharply curbed demand for oil and forced the most serious price break since the Organization of Petroleum Exporting Countries quintupled the cost of crude between...
...approximately 150%, and the rise sent American consumer prices leaping at an annual rate of more than 12%, the steepest peacetime increase in more than 30 years. Since April of last year, though, petroleum prices, which had briefly gone to more than $41 per bbl. for high-quality crude, have declined slightly to approximately $33 per bbl. Moreover, in recent months prices have actually begun to slip somewhat on the unregulated spot market, where crude was last week selling for as little as $30 per bbl. As a result, consumer prices have ceased spiraling upward, and in February they climbed...
...price hawks in the 13-nation Organization of Petroleum Exporting Countries, Nigeria for years kept the oil-consuming nations of the world over a barrel by forcing world oil prices relentlessly higher. Now that demand for petroleum is slumping on markets everywhere, however, the price of crude has dropped from $40 per bbl. to $28 per bbl. on the unregulated spot market. As a result, the economic outlook for the 90 million inhabitants of Nigeria, black Africa's wealthiest and most populous nation, has suddenly turned bleak...
Nigeria depends on oil exports for 90% of its foreign exchange earnings and 85% of its government revenues. But weakening worldwide demand for crude has forced the country to slash production from 2.1 million bbl. daily to fewer than 900,000 bbl. by last week. In the process, estimated earnings from oil exports have plunged from $ 1.35 billion per month only a few weeks ago to perhaps as little as $700 million at current production levels, and the country has been compelled to dip deep into its foreign reserve holdings. Nigeria is now paying more than $1.8 billion each month...