Word: leape
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Dates: during 1970-1979
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...rise only to $4.75 per bbl. by 1979, the last year of the plan. In fact, the price already has shot up to $9 per bbl. Oil imports had been taking 10% to 11% of the foreign currency that India earns from exports; now the bill is likely to leap to a disastrous 80% of foreign earnings...
...solution is to make wax slippers for the insect, then remove them after the leap and use them as yardsticks to measure the distance...
...price of crude in world markets will nearly triple, to something like $9 per bbl. At present prices, worldwide customers shell out about $22 billion a year for the 6.2 billion bbl. of crude that the Middle East exports. When the new prices take effect, the tab will leap overnight to $55 billion or more...
Japan, for example, faces the prospect of having its oil bill leap from $7.4 billion in 1973 to about $14 billion in 1974. The cost will eat heavily into Japan's foreign-currency reserves, already dwindling at the rate of nearly $1 billion a month, and reduce the country's ability to pay for imported food and such vital raw materials as coal and lumber. The prospect of increased supplies of Arab oil has caused the Tokyo government to postpone until Jan. 10 a decision on conservation measures aimed at reducing Japanese energy consumption by 20%. But anticipation...
Early this year, U.S. Department of Commerce experts predicted that some three years would pass before trade between the U.S. and China reached $300 million a year. But Sino-American trade has already taken a great leap forward...