Word: oils
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Dates: during 1970-1979
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...Premier half a dozen times. The two-man game of musical chairs has done nothing to resolve the country's protracted economic woes, which include a 70% inflation rate, 20% unemployment and shortages of everything from coffee (Turkish coffee is available only on the black market) to diesel oil. Moreover, religious and ethnic feuds have led to a frightening increase in violence. In the past 21 months, 2,100 people have been killed, most of them in confrontations between left-and right-wing extremists...
Protests at home and a price revolt in OPEC as Saudi power wanes In Concord, N.H, it took the form of an automobile "honkin" outside Jimmy Carter's re-election campaign office. In Nashville, a 500-lb. pig with BIG OIL painted on its side was led to city hall to munch slops from a dish labeled AMERICAN WEALTH. In Washington D.C., elderly citizens bused in to join a picket line outside the American Petroleum Institute...
...more than 100 cities and towns in 35 states last week, hundreds, and in some cases thousands, of demonstrators joined in the biggest protest ever against what the country is targeting as "Big Oil." They voiced fears of a winter of low temperatures and high fuel costs, passed out "Big Oil Discredit Cards" and waved banners declaring, "I don't want to freeze in the dark." For most, the principal peeve was not gasoline prices or petroleum industry profits but the 60% rise in the cost of heating oil in the past 2½ years...
Whether justified or not, the Big Oil protest, which was sponsored by a number of diverse labor and political groups came at an odd time. As it happened the most visible oil price gougers last week were not the oil companies but some of the more militant price hawks in the Organization of Petroleum Exporting Countries. Iraq, Libya and Iran all announced boosts of 10% or more in the overall cost of their crude, and other producers seem likely to follow suit. What really alarmed oil consumers was that the Libyan and Iranian rise, like that announced by Mexico...
This early piercing of the OPEC lid came despite an attempt by Saudi Arabia the largest oil producer, to keep the lid on' Last July, Saudi officials announced that they would raise their daily oil production during the remainder of 1979 from 8 5 million to 9.5 million bbl. Not so long ago, such an increase would have prevented unilateral price hikes. No longer. The rules of the oil game have changed...