Word: jannings
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Dates: during 1970-1979
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Cocky Sheik. The instigator of the rupture was Saudi Arabia, whose sands and offshore waters contain by far the world's largest proven oil reserves. Eleven of OPEC's 13 members* voted to raise prices another 10.4% on Jan. 1 and yet a further 5% next July 1. But the Saudis, backed by the United Arab Emirates, announced that they would post only a 5% increase for the whole year. Moreover, Saudi Oil Minister Ahmed Zaki Yamani declared that Saudi Arabia would lift its self-imposed production limit of 8.5 million bbl. a day and pump...
That it is. Beginning Jan. 1, OPEC oil will be available at two prices: $12.08 a bbl. for Saudi or Emirate crude, $12.70 a bbl. for petroleum from the other OPEC countries. The immediate result will probably be chaos in the world oil trade as the big oil companies and consuming nations jockey to buy at the lowest price. But the Saudi action will at least hold the average world oil price below levels that could have precipitated a new global recession...
Menten grew progressively richer by speculating in stocks and art objects, filling his 20-room mansion with more art works (his collection includes paintings by Nicolaes Maes, Francisco Goya and Jan Sluyters), and building up millions of dollars in real estate holdings. His undoing began last spring with publicity that the firm of Sotheby-Mak Van Waay would auction part of Menten's art collection in Amsterdam. The same Israeli journalist, Haviv Kanaan, who had been accumulating evidence against Menten for decades, alerted the Dutch press and, once again, the government. The press, led by Hans Knoop, editor...
...face an immediate threat. The coming winter may be severe, boosting fuel usage and heating bills. And this week the Organization of Petroleum Exporting Countries, the 13-nation supercartel that quintupled world oil prices between October 1973 and September 1975, is expected to push them up another notch, effective Jan. 1. Every percentage point of increase will translate into higher inflation, slower economic growth and fewer jobs around the industrialized world...
...Work finally came up with a surprise: he mysteriously discovered that a $200,000 bill due the state for unemployment insurance did not have to be paid until next Aug. 31, thus providing enough ready cash to reopen the schools until yet another budget vote can be held on Jan...