Word: oiling
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Dates: during 1980-1989
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THIS month OPEC members met with non-OPEC oil producing nations for the first time, determined to curb global oil production and boost oil prices. The prospect of a resurrected cartel and another energy crunch has the Reagan administration worried. And that might not be so bad, after...
Reagan thought OPEC was finished. The cartel began to self-destruct in the early 1980's when internecine squabbling and cheating on production quotas rendered it powerless to prop up oil prices. Combined with Carter-era conservation programs, excess production led to a world-wide glut. The price of a barrel of oil fell by one-third, ushering in the economic recovery of the Reagan...
Reagan's economic progress is attributable, more than anything, to the decline of OPEC. The Republicans have a vested interest in maintaining wide-open oil production, because to the American voter, the drop in gasoline prices is probably the single most prominent economic improvement over the Carter administration. More importantly, if OPEC were to regain power and put a lid on oil production, prices could soar and pull America back into an inflationary spiral...
...inspection of the Eastern and Continental fleets (total planes: 636) last month along with a probe to determine whether Texas Air is financially stable enough to run its airlines safely. While the FAA found such violations as a faded red EXIT light, a frayed seat belt and a minor oil leak, the agency says it has uncovered no major problems during the investigation, which is expected to conclude next week. Texas Air believes the special inspection will exonerate the airline and win back public confidence. The checkup, Lorenzo predicted in a speech last week, "will put into perspective the misinformation...
...sums sought by irate debtors are approaching bank-busting sizes. Brothers Herbert, Lamar and Nelson Hunt of Texas are suing a consortium of 22 U.S. and foreign banks for $1.5 billion, charging that the lenders committed fraud and conspiracy to force their silver-and-oil empire into bankruptcy...