Word: high
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Dates: during 1970-1979
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...Obviously, even the term united Ireland means that the government that has been set up in the Republic must come down. The working-class majority from Ulster-Protestants and Catholics-don't simply want to be absorbed into a decadent state. The Republic has got severe economic problems: high unemployment and all the ills of an unjust society whose wealth is controlled by a very small group...
...fuel called kerogen. The kerogen was deposited 40 million years ago in the form of millions of tons of vegetable matter that collected on the bottom of a mammoth freshwater lake that then covered Utah, Wyoming and Colorado. But these lake-bed accumulations were never subjected to temperatures as high as 300° F and to extreme pressures that in time created underground deposits of readily usable liquid oil and natural gas. Now man must finish nature's work...
...involves cooking the shale underground. Occidental, which has pioneered this process, plans to dig at least 2,000 chambers connected by tunnels under a 5,000-acre shale tract leased from the Government. The chambers, each about the size of a football field and 250 ft. to 300 ft. high, are created by drilling parallel tunnels leading from a vertical mineshaft into the rock at two different depths. The shale in between is then reduced to rubble by explosions in both the top and bottom. Each chamber is sealed, and pilot-light burners are lowered to start cooking the rock...
...draconian measures have first hit the housing industry. Last week the National Association of Home Builders called an emergency meeting in Washington to bewail the high mortgage rates. The group's economist, Michael Sumichrast, darkly predicted that housing starts, which ran at a 1.9 million annual rate in September, will soon be cut in half. The soaring cost of money, he claimed, has already forced 10 million Americans to abandon temporarily plans for that dream house...
Worse than the high interest rates is the sheer shortage of mortgage money. Usury laws in two dozen states limit interest rates to below 13%. Thus many banks and savings institutions have stopped making loans because it is impossible for them to earn any profit. Traditional lenders are also running short of cash because people are transferring funds from savings accounts to booming money market funds, which invest money in high-yielding securities and pay twice as much as passbook accounts. Perhaps three-quarters of the savings and loan associations in Chicago have stopped making mortgage deals...