Word: forli
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Dates: during 1970-1979
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The Saudi maneuver was a last-minute gamble to regain control over a cartel that shows signs of breaking into a wild scramble for ever greater profits. In a losing struggle to impose some restraint on surging prices, the Saudis have been selling their crude far below the prices charged...
The split developed this summer, when most OPEC members boosted their prices from $14.55 per bbl. to a full $23.50, but the Saudis chose to go to only $18. Soon even the $23.50 barrier was broken as members began selling single shipments of oil on the spot market for as...
Since Americans use much more oil than anyone else, they need to cut back the most. As the Senate last week approved the outlines of a windfall-profits tax on the oil industry, Jimmy Carter was considering a steep new federal tax on retail gasoline. His economists argue passionately for...
In Dacca, Bangladesh, eager buyers crowd around empty tanks to wait for deliveries of scarce and costly kerosene. In Dar es Salaam, Tanzanians line up for hours for deliveries of sugar and other basic necessities that are hopelessly delayed, partly because there is little gasoline for trucks. Gas is rationed...
So it goes throughout the Third World. Just as ordinary inflation bites deepest among poor people, the petro-squeeze hurts the yearning, less developed countries (LDCS) most of all. They can afford the painful pinch of rocketing costs for energy and petroleum-based products such as fertilizers and other chemicals...