Word: offset
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Dates: during 1970-1979
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This year, Levy calculates, consuming nations will pay $100 billion to import oil, v. $20 billion in 1972. For poor countries, the oil bill will more than offset all the foreign aid they get. Even industrialized nations, says Levy, must either cut oil imports enough to cause recession or run gargantuan trade deficits financed by borrowings that eventually will pile up an insupportable debt. Though Levy does not use the words global depression, he contends that the world economy "cannot survive in a healthy or remotely healthy condition if cartel pricing and actual or threatened supply restraints of oil continue...
Parkhurst refuses to discuss specifically plans for the near future. "We learned one lesson," he says. "Don't advertise what you're going to do in advance." Industry and produce warehouses were given ample time to stockpile supplies and thus offset the effects of any shortages, he says...
Their views are anathema within OPEC. At the Quito meeting, Venezuela, Algeria, Libya, Nigeria and Kuwait pushed hard for a 63? increase in posted prices to offset the effects of inflation on the prices of the goods that they buy from the U.S., Europe and Japan. Iranian Finance Minister Jamshid Amuzegar, who has accused the Saudis of hypocritically calling for price reductions while actually raising prices, favored a slightly smaller hike, "to show the industrialized nations that we are serious when we say that they must keep inflation in check." Saudi Oil Minister Ahmed Zaki Yamani reportedly threatened to force...
...says it has passed the break-even point on SX-70 manufacturing costs and that the brisk retail pace of the SX-70 lately accounted for much of a first-quarter sales rise of 8% to $147 million. Still, earnings on SX-70 sales were not great enough to offset a sales decline in Polaroid's older and profitable Colorpack line; first-quarter earnings dipped to $10 million from $11 million a year earlier...
Leone's record helped offset Crimson high-jumper Mel Embree's failure to score last week at the NCAA championship finals in Houston, Tex. Embree cleared 7 ft.. but so did 14 other jumpers...