Word: oil
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Dates: during 1950-1959
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...Right to Fire. Prices shot up. Olive oil, the staple of Spanish cooking, was raised another 11% last week. Gasoline jumped by a comparable amount. Since Spain's main distribution system depends heavily on trucks, the raise would soon be felt throughout the whole economy. In an effort to counteract inflation with increased productivity, the government decreed, on Christmas Day, that workers would no longer enjoy the state-assured job security that was one of the few blessings they had enjoyed under Franco. Henceforth, businessmen would be free to fire superfluous, incompetent or dishonest workers...
...first week of Indonesia's corruption-ridden and strife-torn eighth year of independence, there was much food for thought. The huge island of Sumatra (whose oil and rubber provide two-thirds of Indonesia's export revenue) was in open revolt against the government. Sumatrans complain that the national government, sitting in the Java capital of Djakarta, is too Java-centered.* Last week in North Sumatra, three of four government regiments were reportedly rallying to the support of Rebel Leader Colonel Maludin Simbolon, once the rising star of the Indonesian army, who is in hiding in the hills...
...more than $1 billion and indirect private investments, e.g., bank loans, stocks and bonds, the experts put the grand total of all U.S. funds invested in Latin America up to now at $10 billion. Biggest contribution toward the year's fat increase: well over $300 million for oil concessions in Venezuela (TIME, Sept...
...along the price front last week inflationary puffs sent prices soaring. Crude oil rose 35? a barrel in Texas to a record $3.25, the first price hike in more than three years. Next day gasoline followed, with a 1? per gallon increase at the pump. As a result of a $40 million wage increase that went into effect Jan. 1 as part of last summer's steel contract, and the Government's refusal to approve fast tax write-offs for expansion, the steel industry posted price increases ranging from 1% on hot rolled strip to 5% on plate...
...oil increase, which will affect consumers the most, started after Humble Oil failed to persuade the Texas Railroad Commission to raise state oil output to meet the big European demand brought on by the closing of the Suez Canal (TIME, Jan. 7). To get the oil it needed, said Humble, it had to raise its bidding price for crude by 12%. This put pressure on competitors, brought an immediate increase from Continental Oil, with the others expected to follow. By week's end oilmen figured that the increases would cost U.S. consumers an extra $1 billion for petroleum this...