Word: highers
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Dates: during 1970-1979
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Miller's announcement last week was deliberately timed to follow Chrysler's latest loss report, the better to make the Administration's motives seem purely economic. The Secretary explained that the higher aid package was necessary in part because the company now needed "greater resources than were apparently required in August." Actually, the Administration had known that Chrysler's third-quarter deficit would be huge, and in fact last September the company had forecast an even larger loss...
...against moving toward any à la carte pay guide. At another point in the meeting, Kirkland and R. Robert Russell, director of the Administration's Council on Wage and Price Stability, heatedly squabbled over whether unions should try to make up in wages the income lost due to higher energy prices. The committee's chairman, Harvard Economist John Dunlop, must have thought that he was back at a business school faculty meeting...
Without slower pay hikes, oil-induced inflation would have soared even faster. Schultze says his main goal now is to continue the moderate wage trend so that higher oil prices will not ripple more inflation through the whole economy...
...congressional change of heart came at a particularly poor moment. Despite ample world supplies of oil now, fear of future shortages is prompting stockpiling and sending prices higher. The turmoil in Iran continues to give rise to worries of new production cuts by one of OPEC's most important oil suppliers, and the cartel itself now seems certain to announce new price increases at its December meeting in Venezuela. The Saudis, who have held their price at the cartel minimum of $18 per bbl., may raise it closer to the levels of other producers: $23.50 or more...
...OPEC nations go, so go the countries that pump the approximately 40% of the free world crude that is not under the cartel's control: last week both Britain and Canada moved toward higher prices that will keep the cost of their oil in line with, or even a little ahead of, what OPEC is currently getting...