Word: crude
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...downward pressure is apparent on the spot market, where relatively small quantities of oil are traded on a day-to-day basis. The cost of crude in these sales has often been the most sensitive barometer for world oil prices. During 1979 and 1980 leaping spot market prices encouraged oil exporters to begin raising their long-term contract prices to levels that eventually reached $40 per bbl. With demand now ebbing, more and more companies have been dumping their excess crude and petroleum products on the spot market. By last week spot prices had slipped...
...recession brings added relief from the high cost of crude...
...world oil market, however, is much less than it was just a few years ago. Those producers are now responsible for less than half of the Western world's oil supply. In 1973, when the first oil shock began, OPEC provided more than 70% of the crude used in the industrialized nations. In the past decade, such countries as Mexico and Britain, which are not OPEC members, although they generally follow its pricing closely, have become major oil producers. That has decreased the ability of OPEC to dictate the world price of crude...
...have remained until recent times at an early technological level, who have been oriented toward the use of tools but not machines." The key phrase is "until recent times"-without it, most European culture up to about 1600 could fairly be called primitive. Above all, the word cannot mean crude or inarticulate. Few European medieval ivory carvings are as exquisitely realized, in detail and in the round, as the Met's ivory Bini mask of a Nigerian ruler; and the technical finesse of pre-Columbian gold ornaments, brought back by the conquistadors from South America, astonished Albrecht...
...will not buckle to the forces of the Great Conspiracy. We will not countenance those who would disagree with our Vision. We will not fail to tame Interest Rates and their perpetrators. We will not fail to loosen the fetters of the repressed crude-oil Priviligentsia. We will not fail to meet the test...