Word: evens
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Dates: during 1970-1979
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Though nobody likes rationing or higher taxes, the economy is destined to suffer even worse reverses if Congress fails to act. OPEC's prices are all but certain to keep climbing in 1980, draining wealth out of the U.S. economy and into the bank accounts of foreign oil exporters. The price rise will help slow the consumption of gasoline still further, of course, but the inflationary impact will quickly spread throughout the whole economy, since crude oil price increases affect not just automotive fuel but all petroleum products. Enacting a gasoline tax would not only slow consumption while providing...
...will be some important and worrisome differences from past gatherings. OPEC will be fixing prices against a backdrop of almost unprecedented global upset brought on in large part by its own actions. More than that, in its headlong rush for profits, the 13-nation cartel has been rapidly losing even the appearance of self-control over pricing and production...
...days are gone when Saudi Arabia, by far the biggest producer with 30% of the cartel's output, was able to exert a moderating influence. More and more cartel members, and even factions in the royal family itself, view the desert kingdom's traditional support for the U.S., and Washington's repeated pleas for maximum OPEC output at the lowest price, as ultimately damaging to the producing states. Anti-American rioting in Iran has made involvement with the U.S. seem even more unwise. Such oil ministers as Iraq's fiery Tayeh Abdul-Karim and the Emirates...
Saudi Arabia can no longer even hold down prices by threatening to flood the world market with crude, a tactic that Petroleum Minister Ahmed Zaki Yamani successfully employed as recently as late 1976. The key reason is that the Saudi fields are reaching maturity, and it would take years of work and billions of dollars in fresh investments to boost daily production of about 9.5 million bbl. by very much for any length of time...
...Rohter, Carey's replacement as school board president, two of Hannon's top financial officials resigned. Mrs. Rohter let it be known that she had been unable to obtain an accurate fix on school finances, despite round-the-clock investigation by a high-priced firm of accountants. Even so, depressing details began to dribble out: to meet expenses, administrators had failed to set aside $15.9 million in federal withholding taxes due the Federal Government and $5.3 million in teachers' pension funds and annuities. "This money belonged to our employees," said Mrs. Rohter, "and the board members...