Word: oils
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Dates: during 2000-2009
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...back. But from time to time, things do snap. And Summers' argument in 1986 was that unemployment in Europe, the sort that might persist in the face of growth, was an expression of an economy that had snapped. Europe's economy was hit not only by shocks like an oil-price spike, a productivity collapse and rocketing tax rates but also by stubborn unions that made hiring, firing and adjusting payrolls near impossible...
...become a predictable September ritual: officials from the world's oil-rich nations fly into Vienna for their annual OPEC meeting, huddle around a gleaming conference table and decide how to push oil prices up or down by closing or opening the spigots on their vast resources - about two-thirds of the world's total reserves. At this week's meeting, however, OPEC's oil ministers attempted an even trickier acrobatic act: staying in place...
...During the oil markets' wild ride last year, prices hit an all-time high of $147 a barrel in July before crashing to slightly more than $30 a barrel in December. Now oil futures hover around $70 a barrel - a price that is, finally, just right, according to Ali Al-Naimi, oil minister from Saudi Arabia, which produces about one-third of all OPEC oil. "The market is in very good shape," he told Reuters when he arrived in Vienna on Wednesday, Sept. 9. (See pictures of South Africa's oil-from-coal refinery...
...holding prices steady might be OPEC's toughest act yet. Oil analysts list a few key factors that OPEC leaders will find all but impossible to control and that could complicate efforts by the U.S. and Europe to kick-start a global economic recovery...
...OPEC's Bad Boys In theory, 11 of OPEC's 12 members are obligated to follow production quotas, including the sharp cuts voted on last December, which helped to double world oil prices within a few months (only Iraq is exempted, because of the war there). OPEC quotas are crucial to propping up world oil prices; without them, oil futures would currently trade at between $25 and $30 a bbl., according to Edward Morse, head of economic research at Lewis Capital Markets in New York. But in reality, some OPEC leaders simply ignore their quotas, because they need every penny...