Word: norths
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Dates: during 1970-1979
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From Saudi Arabia to Sumatra, from Nigeria to the North Sea, up comes the oil. And every day, 24 hours a day?at a rate of 30,000 gallons per second?the petroleum-thirsting world swills it back down in desperate, energizing gulps...
...downright startling: SoCal's ARRIS earnings rose 43% over the past year, Gulfs profits increased 61%, and Texaco's were up 81%. Marathon Oil had a rise of 108%, while Amerada Hess jumped 279%. Standard Oil of Ohio, holder of a large and profitable stake on Alaska's North Slope, increased 303%; Continental Oil, which owns Consolidation Coal and suffered a slide in income during last I year's coal strike, posted a stunning recovery...
...pressuring OPEC to hold down prices. That is something that the companies once managed with ease, but now no longer have much power to accomplish. Yet if they tried, they would be harming their own interests. The Sisters hold concessions in non-OPEC areas, like the British and Norwegian North Sea and Canada. Every time the cartel jabs up the price, up goes the value of the companies' holdings as well...
...cartel's share of the world market has dropped slightly, from 65% in 1973 to 58% now, as a result of increased output from Alaska, Mexico and the North Sea. But it would be foolhardy to expect that OPEC will any time soon lose its ability to control prices. Saudi Arabia alone has more than 25% of all proven world reserves; its daily output of 8.5 million bbl. is indispensable to Western Europe and Japan, and provides more than one-fifth of all U.S. crude imports...
...members of the most influential movement among Latin America's 300 million faithful, the small constantly spreading groups called comunidades de base (base communities). There may be as many as 150,000 comunidades, 80,000 in Brazil alone, chiefly in the destitute states of that country's north and northeast...