Word: one
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Dates: during 1970-1979
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...cartel's biggest producer took preventive action. In a surprise announcement that whipped the money markets into a frenzy and sent gold leaping to yet another alltime high of $462 per oz., the desert kingdom of the House of Saud, long regarded as the quintessential OPEC moderate, announced one of the biggest increases in the cartel's 19-year history...
...streets and snarl traffic during a three-day strike to protest a 58% rise in gasoline prices. Meanwhile, riots break out in the Dominican Republic, and three people are killed after gas prices jump for the third time in a year. Says Colombia's President Julio Ayala: "One OPEC price rise is equal to ten subversive blows...
...same burden. While scarcely in the OPEC league, Argentina, Peru, Malaysia and some others can supply most energy needs from their own reserves. At the other extreme, countries such as Sudan, Chad and Bangladesh, among others, are so poor that the shortage of funds to buy oil is just one more lack on a long list of basic needs...
...tractors in rural Thailand has fallen 20% as fuel has become scarce and expensive. Prices of water buffaloes, which do not consume diesel fuel but do produce free fertilizer, have soared. Some Thai officials are rather relieved that their bureaucratic bungling has stalled the pace of industrialization. Says one official: "If we had been more successful, Thailand would be in much bigger trouble today...
...wells they have sunk, mostly in the Gulf of Mexico, account for 14% of the nation's current domestic oil production and 23% of its gas. The next place they hope to develop as a major energy source is a tough one: the floor of the ice-jammed Beaufort Sea, about 275 miles above the Arctic Circle, off Alaska's nearly barren north coast...