Word: lid
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...kind of buyers' panic; governments and companies scrambled to purchase every drop available, to keep houses warm and the wheels of industry turning, and to build stockpiles to guard against the all-too-real prospect of another shut down in Iran or a supply disruption somewhere else. The lid came off prices with a bang. OPEC raised prices during 1979 by an average of 94.7%, to $25 a bbl.?vs. $12.84 a year ago and a mere $2 in 1970. Moreover, oil-exporting nations shifted a growing proportion of their output to the spot market, where oil not tied...