Word: hards
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Dates: during 1970-1979
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While important decisions were being made abroad at the oil summits, TIME correspondents in the U.S. were sounding out federal policymakers, oil executives, striking independent truckers and hard-pressed motorists. Boston's Jeff Melvoin got the closest view of long lines and short tempers by spending a day at Jim Harrington's Exxon station in nearby Burlington, Mass...
...door was lifted and somebody announced that all was clear, it usually would still be raining. Nobody bothered to carry me back to our house. I had to walk back barefoot in the mud, get a pan and wash the sticky red stuff off my feet. It was hard to wake me up for school the next morning...
Last week's action, the second OPEC money grab in only three months, creates an official split in the cartel's price structure. After three days of closed-door bickering between avaricious hard-liners like Iran and Algeria and so-called moderates like Saudi Arabia and tiny Qatar, the cartel finally settled on its two-tier pricing "compromise." In theory, it would let members' consciences be their guide in deciding just how much money to charge-anywhere from $18 to $23.50 per bbl. In practice, the scheme seems little more than a device for institutionalizing chaos, which...
...structure as a ceiling on the rising cost of crude, not even the delegates seemed to believe it. With world demand exceeding supply, nations appear willing to pay virtually any price. Said one Indonesian delegate: "We're faced with a shortage of oil that seems irreversible. It is hard to believe that prices can be kept down." The former U.S. Ambassador to Saudi Arabia, James Akins, now a private oil-industry consultant, asserts, "The first time that any oil-importing nation offers a price above the ceilings OPEC will sell...
...able to accomplish its goal of holding imports to 8.5 million bbl. per day only by taking one of two harsh steps: either rationing gasoline or eliminating price controls on it. The former would lead to a bureaucratic mess; the latter would probably aggravate inflation. The choice is hard. But, as in so many matters in the crisis caused by OPEC, there is no middle ground...