Word: gulf
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Dates: during 1970-1979
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...years ago, such Ethel Mermanesque exuberance would have sounded strange coming from the chief of one of world oil's fabled Seven Sisters-Exxon, Shell, Mobil, Texaco, British Petroleum, Standard Oil of California and Gulf.* Though the sorocracy had ruled the international oil trade since it began, the upheaval in the business that started with the Arab embargo of 1973 threatened to end this reign. Flushed with their success in quintupling the price of petroleum, the OPEC countries were about to nationalize their oilfields, which would strip the Sisters of ownership of much of their crude reserves. Some governments...
...legislation that would allow the companies to raise prices and profits. Economically, in the first three months of this year, the Sisters sold 38% of all the oil moving in world trade, about as large a proportion as ever. Rising output from Alaska, the North Sea and the Gulf of Mexico, where they dominate drilling, might even increase their future share. The new production, combined with a slowdown in consumption, has put off the day when the world will start running out of oil to the 1990s, or the early 21st century. Far from being menaced by scarcity, the companies...
Beyond New Orleans, the Mississippi River winds southward for a hundred miles toward the Gulf of Mexico. The marsh and swampland through which it flows is Plaquemines Parish...
...parish is narrow and looks a bit like the toe of boot-shaped Louisiana being dipped into the gulf. Its highest points are the spines of levees that hold back the river and salt marshes from the 10% of the parish that is dry land. The main highway, Louisiana Route 23, hugging the river's west bank, runs past wooden stands where home-grown oranges are sold and small mountain ranges of lemony-colored sulfur waiting to be loaded on ships...
...battered economy: Harvard-educated Economist Manuel José Cabral, 41, as Finance Minister; Eduardo Fernández Pichardo, 41, former president of the American Chamber of Commerce in Santo Domingo, as head of the Central Bank; and Ramón Báez Romano, 49, a onetime Gulf & Western executive, as Industry and Commerce Secretary. Those appointments indicated that Guzmán is determined to improve his nation's economy. He was intent on improving the military as well. After the inauguration, the new President kept Vance and Young waiting while he purged the top level of the armed...