Word: oils
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Dates: during 1970-1979
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...There is no one on earth who will fail to suffer from these extraordinary increases," proclaimed Jimmy Carter, with only mild hyperbole. He and the leaders of Britain, Canada, France, Italy, Japan and West Germany issued a communiqué spelling out why: "Unwarranted rises in oil prices mean more worldwide inflation and less [economic] growth. That will lead to more unemployment, more balance of payments difficulty, and [will] endanger stability. We deplore the [OPEC] decision...
...there was not much that the seven could agree on to contain the damage. For the moment, at least, OPEC has the industrial world over a barrel. The summiteers decided to hold imports from the oil cartel at about their present levels, in order to limit the flow of cash from their countries and, just possibly, dissuade the OPEC leaders from piling on yet more price boosts when they meet again, in December at the latest. That done?and very little it was?the seven summiteers disbanded. Carter, after a weekend visit to the U.S. military front lines in South...
...first five months of this year. The increase was led, unsurprisingly, by gasoline, which rocketed up at a 55% pace. The new OPEC boost may doom Administration efforts to wrestle the figure down below the double-digit range this year. Directly it will kick the prices of gasoline, heating oil, diesel fuel and the myriad products made from petrochemicals yet higher; indirectly it will nudge up many other prices?apartment rents and foods, for example...
...Board of Economists. The Government has made no official announcement of this (a recession is customarily defined as two quarters of declining production), but it unofficially estimated last week that national output of goods and services dropped at an annual rate of 2.4% from April through June. OPEC's oil boosts make this downturn immeasurably harder to reverse; they will drain perhaps $30 billion out of Americans' pockets by the end of 1980. Unemployment has been holding steady at just under 6% so far this year, but is sure to rise?perhaps to 7.5% or 8% next year, according...
...other industrial countries, the situation varies. Inflation has been speeding up throughout Europe and Japan and will be accelerated further by the oil increase. But in the other six summit countries, unlike the U.S., economic growth has been showing signs of revival this year. Now output and employment will inevitably slow as petroleum prices soar. How bad will the recession that has apparently begun in the U.S. become? That depends heavily on whether OPEC can somehow be persuaded to stop the price spiral at its present point...