Word: cuttingly
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Dates: during 1970-1979
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...charge almost any price its members wish; some U.S. officials fear that the cartel will ram through yet another 15% increase by year's end. The only way to head it off, say government leaders around the world (including OPEC leaders), is for the oil-importing nations to cut their consumption by 2 million bbl. a day. That would bring supply and demand into balance and perhaps stop the wild rise in prices. But how can the pain of a cutback?which inevitably will mean less production and fewer jobs?be shared equitably among consuming nations with widely differing economic...
OPEC adds injury to insult when hardliners like Iran and Libya keep threatening to cut back production in order to prop up prices. Remarked one middle-of-the-road delegate: "You just cannot believe how greedy these Iranians have become. They think they have invented the wheel." One of the cartel's greediest leaders, Libya's strongman, Colonel Muammar Gaddafi, touched off a mini-panic on Wall Street at week's end. An Arab magazine quoted him as threatening to halt Libyan oil exports for up to four years and appealing to other oil producers...
...briefly halted. Only later was it learned that the irresponsible threat was probably inspired by nothing more than pique. Earlier in June, a U.S. State Department mission had turned down a Libyan offer for a long-term supply of petroleum in return for a U.S. Government pledge to cut off arms sales to Gaddafi's much feared Egyptian opponent, Anwar Sadat...
...grim tattoo of statistics will give new force to calls for an emergency tax cut. The nation's bill for oil imports will grow from $42 billion in 1978 to some $65 billion in 1979-in effect, a direct levy of fully $747 per year on every American taxpayer. To keep consumer spending from going into a freefall, the Government may be forced to chop its own receipts instead. But doing so would widen the federal deficit and pump yet more inflation into the economy even as output is declining. Quite a bit of U.S. economic policy is being...
Like the horse rustlers of an earlier era, gas thieves were on the prowl. Usually they siphoned off gas; occasionally they took the whole car. Some resorted to ingenious ruses. Two men were arrested in Miami after police discovered that a floor board had been cut out of their dilapidated van. Underneath was $5,000 worth of equipment, including intake hoses, battery-operated pumps and a 350-gal. storage tank. Apparently the pair would drive into a station, casually park over an unlocked underground tank and help themselves. On a smaller scale, thieves faced another kind of retribution...