Word: dollar
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Dates: during 1970-1979
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...public health and safety. Electricity bills would soar, cruelly pinching low-income homeowners, as utilities were compelled to turn to higher-cost sources of energy. Some power companies would be forced to buy still more foreign oil at prices of up to $20 a barrel, fanning inflation, weakening the dollar and tying the U.S. energy future yet more tightly to the explosive politics of the Middle East. M.I.T. Physicist Henry Kendall, a leader of the antinuclear Union of Concerned Scientists, readily concedes: "If we throw the switch and shut down all the nuclear plants next Thursday, that would represent...
...evergrowing G.N.P. (estimated at $66 billion in 1978) to less privileged Muslim states in the form of low-cost loans and gifts. By comparison, U.S. foreign aid last year amounted to only one-third of 1% of G.N.P. Mahbub Haq, an economist with the World Bank, foresees a billion-dollar World Muslim Foundation, financed by oil-rich Middle Eastern states, that will organize and provide aid for poor Islamic nations that adhered to the faith even during its years of ebb and decline. Says he: "The Muslim countries need their own OECD...
...just not be there to find. Even though oil companies drilled more than 48,000 new wells around the nation last year, nearly double the amount of 1973, production continues to decline gently but steadily. A new crash program of drilling could turn out to be a multibillion dollar disappointment...
...allies that the U.S. is at long last beginning to face up to the difficult decisions forced upon it by the energy squeeze. The President's speech was widely praised in other oil-consuming countries, and the mere anticipation of what he was going to say sent the dollar soaring in Japan, gold slumping in Europe and stock prices on Wall Street leaping to their best levels in six months...
...than industry as a whole. From 1977 to 1978, according to Data Resources, the earnings of all U.S. companies expanded by 15.9%, while those of domestic oil firms rose by 16.4%. For the international oil firms, however, the growth was much less, about 1%, as a result of the dollar's decline and price controls in foreign markets...