Word: lasts
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Dates: during 1970-1979
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Whether justified or not, the Big Oil protest, which was sponsored by a number of diverse labor and political groups came at an odd time. As it happened the most visible oil price gougers last week were not the oil companies but some of the more militant price hawks in the Organization of Petroleum Exporting Countries. Iraq, Libya and Iran all announced boosts of 10% or more in the overall cost of their crude, and other producers seem likely to follow suit. What really alarmed oil consumers was that the Libyan and Iranian rise, like that announced by Mexico...
This early piercing of the OPEC lid came despite an attempt by Saudi Arabia the largest oil producer, to keep the lid on' Last July, Saudi officials announced that they would raise their daily oil production during the remainder of 1979 from 8 5 million to 9.5 million bbl. Not so long ago, such an increase would have prevented unilateral price hikes. No longer. The rules of the oil game have changed...
...essential problem, as the Saudi Minister Sheik Ahmed Zaki Yamani admitted during a visit to Washington last week, is that OPEC has "lost control" of price levels. It is now up to the oil-consuming nations to limit price increases by curbing demand. Yamani's point is well taken. The only reason that Libya and Iran have been able to lift prices so much so soon is that, despite an international agreement earlier this year to curb imports, demand for oil continues to grow at a time when Iran's internal problems and lack of technical expertise threaten...
...Last week the Commerce Department reported that the nation's output of goods and services, which had declined at an annual rate of 2.3% in the second quarter, actually rose again by 2.4% in the July-September period. Since a recession is commonly defined as two consecutive quarters of economic decline, it thus will be early 1980 before experts can formally announce the arrival of a textbook recession. But the latest indications of growth were deceiving and cannot endure long. The upswing was due primarily to a temporary increase in consumer spending, as people who had been kept away...
...money stock actually expanded by $2.8 billion in the first week after the "Volcker Package" was announced, and the Fed immediately began tightening credit and forcing up interest rates still further. This drove the Dow Jones index of industrial stocks down an extra 24 points last week, renewing memories of the Great Crash that occurred 50 years ago this month (see following story...