Word: nationalizes
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Dates: during 1970-1979
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...suits, the corporate board room is no longer the snug, overstuffed haven it used to be. Still, a directorship remains a sure sign of having made it in the business world. Few women have broken through the well-guarded boardroom door: only 276 women sit on boards of the nation's biggest 1,300 corporations. They tend to be concentrated in packaged-goods and other consumer-related companies...
...companies seem, destined to reap an absolute embarrassment of riches. According to projections by Wall Street's Paine Webber Inc., Ashland Oil, the nation's largest independent refiner, will see first-quarter profits leap by 517% over last year's earnings; one reason is the deals that the firm has been rushing to slap together during the crisis. Last week Ashland eagerly paid an exorbitant price, about $19.50 per bbl. for 300,000 tons of Iranian crude, even though the company's inventories are all but overflowing. Ashland executives had no firm idea of what...
...always, the ultimate victims are the nation's consumers, and last week they got more predictably glum news about inflation. Even though OPEC's price increases are only just starting to work themselves into the economy, wholesale prices leaped a full 1% in February and, just as it has for months, food led the advance...
...Government supposedly controls gasoline prices at all levels of the business; dealers are permitted markups based on their margins in 1973. But the formulas are complex, the nation's 250,000 service stations are tough to police, and many owners are marking their gas up to levels well above their individual federal ceilings. Fines for those gougers who fail to post prices properly are as high as $10,000 per day for each violation, but last year only about a dozen operators throughout the country were penalized by the Department of Energy...
...consumers. The DOE'S new "tilt" clause offers much the same opportunity to the oil companies. Enacted three weeks ago, the measure will allow oil companies to pass their higher gasoline refining costs on to the dealer, thus probably setting off a new round of rises for the nation's drivers...