Word: oils
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Dates: during 1970-1979
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Panic buying has given producing nations tantalizing inducement to raise their long-term contract prices. On the open or "spot" market, where the small percentage of oil not sold under contract is available, frenzied demand has sent prices up to more than $23 per bbl. Further whetting OPEC greed, Britain has boosted its price for North Sea oil by 2% above the cartel level...
...under the Government's control program. In high-cost areas such as New York City and some remote areas of New England the price probably will go to at least 90? and possibly $1. Already, gas, heating oil and other fuels are becoming more expensive...
Little relief is in sight on the supply side. Of the 5.8 million bbl. of Iranian oil lay lost to the world, about 900 000 bbl normally come to the U.S. and provide 5% of its daily demand for 19.4 million bbl. Extra production by Arab countries has cut the oil deficit to 2 million bbl. per day globally and 500,000 bbl in the U.S. Saudi Arabia, for example, which is committed to pumping 8.5 milion bbl. per day, is now producing 9.5 million bbl. But the Saudis are tacking a 9% premium on that extra 1 million...
...Portillo to begin negotiations between the two governments for American purchases of Mexican natural gas o avert social and economic disruptions López Portillo has vowed to follow a go-slow production policy and not permit Mexico's wells to pump more than 2.3 million bbl. of oil and gas a day (up from 1.5 million bbl. now) for the rest of his term, which ends in 1982. Thus Mexico will not be able to do much to help the U.S. out of its present energy bind...
...Higher oil costs are bound to filter into Consumer Price Index and complicate the Administration's tough task of slowing inflation. The Government's efforts to moderate consumer spending without bringing on a recession are showing mixed results. January housing starts fell 20% from the previous month to 1 6 million units, in part because of bitter winter weather in much of the country. On the other hand, major retailers such as J.C. Penney and Sears reported double-digit sales gains in January, and auto sales in the first ten days of February were 15% higher than...