Word: oil
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Dates: during 1950-1959
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...vast, chandelier-festooned palace at Riyadh. He stopped presiding over the grand luncheons and dinners served daily in the palace dining hall to visitors and hangers-on. The loudspeakers, which customarily bellow the latest news during mealtimes, were silenced. The lord of the world's richest oil sands was so strapped for cash that his yacht Monsour had been seized in Genoa for nonpayment of an Italian architect's $600,000 fee. He was under intense pressure from royal family members to take some sort of action to save the regime, i.e., the princes' enormous financial allowances...
Colonel Simbolon, who marched off with one battalion to take command of the rebel forces in North Sumatra, last week was back in Bukittinggi without 1) his troops, 2) report of victory. In the eastern foothills of the Sumatra mountains, government troops from the oil center of Pakanbaru had pushed the rebels back within 70 miles of Bukittinggi. To the south, the government's hard-working paratroopers were inching through the jungle to cut the last rebel artery to the outside-the potholed road that leads to Palembang in South Sumatra...
...largest, exports bauxite, sugar, rum. bananas and cigars, makes shoes and textiles, imports rich tourists. Kingston is where Harry Belafonte had to "leave a little girl" in the famed calypso song. ¶ Trinidad (pop. 622,500). the richest (per-capita yearly income: $434), bustles with its prosperous oil industry. It stages the hemisphere's most tireless pre-Lenten carnival dance, in which the performer leans over backwards and wriggles under a bar nine inches off the floor. Racially, it is a polyglot of Negro. East Indian, Portuguese and Chinese. ¶ Barbados grows seven-eighths of a ton of sugar...
...world-and especially the U.S. -is in the midst of one of history's great oil gluts. The U.S. is swimming in oil, with excess stocks of 781 million bbl.-65 million more than last year. Oil production in Texas and Oklahoma has been chopped back drastically; Venezuela, which sends 20% of its crude production to the U.S., has been forced to reduce production even more. Canadian oil sales are in bad shape, and refinery runs of Alberta crude, which comprises 90% of Canada's oil, are at a new low of 271,958 bbl. daily. Only...
...Oil's problem is a classic case of too big a supply for too small a demand. During the Suez crisis, oil producers outside the Middle East expanded by leaps and bounds to supply Europe with oil. When Suez was over, they failed to cut back rapidly enough, were caught with overproduction in the face of markets that did not grow as fast as expected. In Europe, the Middle East's biggest oil market, oil consumption will climb only 4% or 5% this year instead of the forecast 6½%. At home, the U.S. recession will...