Word: crudely
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Dates: during 1990-1999
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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...
Imports of crude oil from Arab OPEC countries in thousands...
...event of a true oil emergency, the industrialized nations are far better prepared than they were in the 1970s. The U.S. now has 590 million bbl. of crude squirreled away in salt domes in Texas and Louisiana. That is enough to satisfy America's gas-guzzling habit for about 34 days. Japan has a similar reserve that would last 142 days...
Still, a tightening of the market could cause price increases, which would send debilitating ripple effects through the world's economies. According to Laurence H. Meyer & Associates, an economic forecasting firm in St. Louis, a rise to $30 in the price of crude would produce a 3% drop in the American GNP by the first quarter of next year and an increase in unemployment from the current 5.5% to 7.5%. The threat would not be so great if the economy were not already teetering on the edge of recession. Says Barry Bosworth, a senior fellow at the Brookings Institution...
...broad economic downturn could inflict heavy damage on both banks and S&Ls. The threat of a such a slump was aggravated last week, when oil prices rose more than 10% in response to Iraq's invasion of Kuwait. Ironically, rising crude prices would reinvigorate the economies of oil-patch states where thrifts have been hit hardest, but the effect would probably be too little, too late to reduce the cost of the bailout by much...