Word: important
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Dates: during 1970-1979
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...projected increases are expected to raise the nation's oil import bill from about $62 billion this year to more than $83 billion, representing a rise in fuel costs of $80 for every American citizen. The increase, said Energy Secretary Charles Duncan, could add from 4? to 8? to the retail price of a gallon of gasoline in the coming weeks, and 3? to 7? to the cost of home heating oil, a major expense for consumers in the import-dependent Northeast. Several of the largest oil companies, including Exxon, Mobil, Chevron and Texaco, last week announced wholesale gasoline...
...made Taiwan the U.S.'s eighth largest trading partner. By contrast, two-way trade between the People's Republic of China and the U.S. this year will amount to $1.8 billion. Washington has quietly but systematically encouraged the bilateral trade boom. Among major recent deals: the Export-Import Bank, which sent a delegation to the island this fall, extended $500 million worth of loans during 1979. Since January, American banks have also contributed to a $200 million loan to the Taiwan Power Co. General Electric has joined with Taiwan companies on a $30 million turbine-generators project. Said...
...mean? On the most obvious level, it means what everyone knows: that money is losing value. But it also means that we are in the grip of a wave similar to what, in 17th century Holland, was known as the Tulip Mania. The tulip was then a comparatively new import from the Near East, and mutant specimens, with irregular stripes, were prized as rarities-so prized that men would mortgage their villas and their fields. The tulips had little intrinsic value. Their worth as commodities was a function of pure, irrational desire, and their economic fate proved that nothing...
...storage tanks are brimming with a 100-day supply of oil-Tokyo's insurance policy against an unforeseen crisis in the Middle East. At week's end Prime Minister Masayoshi Ohira told subordinates that he was "gravely concerned" about upsetting relations with the U.S., which imports $26 billion worth of Japanese goods a year. He ordered the trading companies not to import more oil from Iran in the future than they did before the crisis...
...developing countries' oil-import bill jumped from $4 billion in 1972 to about $44 billion this year, and some have-not nations are openly complaining about OPEC. The worsening crisis over crude prices may create an ideological dilemma for Third World leaders like Tanzania's Nyerere who were originally strong supporters of commodity cartels...