Word: feds
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Dates: during 1980-1989
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...seemed as if the good times would go on forever. As the price of fuel soared through the 1970s, the economies of oil-rich regions, from Texas and Oklahoma to Wyoming and Alaska, exploded. The frantic growth fed on itself: in Tulsa, Houston and Denver, skylines seemed to sprout overnight. The new wealth was intoxicating, making giddy millionaires out of young geologists, and inspiring dentists to become oil barons. Says Texas Historian T.R. Fehrenbach: "Oil was a big hot flash of money...
Though oil prices have been drifting downward since 1981, the current price war began when Saudi Arabia got fed up with its OPEC partners. For years the kingdom, which holds about one-fourth of the world's oil reserves, tried almost single-handed to prop up prices by curbing its production. The country wound up slashing its output from a peak of 10.3 million bbl. a day in 1981 to ! a low of 2 million bbl. a day last June. During that time its annual oil revenue fell from $113 billion to $28 billion. Many of the other twelve countries...
...whale dancing last week at San Diego's Sea World aquatic park. Trading his tights for a wet suit, the A.B.T. director jumped into a training tank for a pas de trois with two 900-lb. Pacific whales. An avid supporter of the Save the Whales campaign, the Latvian fed the leviathans some fish and performed an impromptu water ballet with them. "They're so powerful yet so gentle," he enthused. Speaking for the whales, Trainer Jennine Antrim spouted, "They were very responsive to him. They looked quite graceful together." Of course, Misha makes all his partners look good...
...spotlight then shifted to Martin, whose term as vice chairman was to expire next week. Instead of deciding to seek reappointment, Martin bowed out in a brief press conference. A former mortgage-insurance-company executive, he said he wanted to return to private business. But some Fed watchers suspected that Martin left because his chances of getting the chairman's job had faded...
...longer Volcker's "one-man show." Financiers feared that the Reagan appointees might lower the Federal Reserve's guard against inflation and bend too much to the Administration's eagerness to expand the economy. Said Norman Robertson, chief economist at Pittsburgh's Mellon Bank: "Any pretense of the Fed being nonpolitical is now gone...