Word: millions
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Dates: during 1970-1979
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Meanwhile, Byrne, the Chicago school board and state officials were scrambling to put together an emergency loan package to keep the schools from collapsing. Shut out of the bond market in November because of a poor rating, the educational system faces a shortfall of $459 million by the end of the fiscal year on Aug. 31, 1980. It needs $190 million just to keep going through January...
...members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
...into a back-stabbing rush to hang onto their customers by offering all sorts of discounts and deals. Already there are signs that this year's 100% increase in crude oil costs is beginning to crimp cartel sales. U.S. oil imports dropped by 8.5% during November to 7.9 million bbl. daily, suggesting that the market is beginning to loosen...
...that would keep prices high even if demand sags. But several members, including Venezuela, resisted on grounds that production levels are a matter of national sovereignty. Among those opposing the cutbacks was Iraq, which has invested heavily in oil development and is now pumping some 3.7 million bbl. daily, making it OPEC'S second largest producer after Saudi Arabia (9.5 million...
Besides stricter conservation, one vital policy for the U.S. is to boost the use of coal and the production of syntheic fuels, including shale oil. The U.S. could be producing as much as 6 million bbl. of "synfuels" a day by 1990, equal to about 75% of all current imports. Jimmy Carter wants the financing for his own more modest synfuels program to come from his proposed windfall profits tax; it would be levied on the increased revenues that U.S. oil companies have been earning since price controls on oil began to be phased out last June. But Congress must...