Word: opec
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Dates: during 1990-1999
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Tehran badly miscalculated its income from oil exports after the Gulf War, counting on an OPEC price hike that did not materialize. The oil industry has not regained its prewar export capacity, and its $16 billion a year in earnings helps prop up other failing state enterprises. The country is already $5 billion in arrears in its foreign-debt repayments, and is expected to be about $10 billion behind a year from...
Futurologists in recent decades predicted the rise of couch potatoes nesting at home (Popcorn), the arrival of the home office and the multiple-marriage lifetime (Toffler). But by and large they missed out on many developments of much greater consequence, like the rise of OPEC and the mass arrival of women in the workplace...
Utopias are supposed to be dreams of the future. But the American Utopia? Lately it's a dream that was, a twilit memory of the golden age between V-J day and OPEC, when even a blue-collar paycheck bought a place in the middle class. The promise of paradise regained has become a key to the Democratic Party pitch. Mickey Kaus, a senior editor of the New Republic, says the Democrats are wasting their time. As the U.S. enters a world where only the highly skilled and well educated will make a decent living, the gap between rich...
...many benefit from the price slump. Supplies of oil and gas for home heating and industry, abetted by a string of six warm winters, have remained abundant. And the price of gasoline, an average $1.03 per gal. nationwide for regular, is the lowest in months, thanks largely to OPEC and other foreign producers; they have made up the drop in domestic production by supplying 43% of U.S. oil consumption. On the other hand, the public has not benefited from the drop in natural-gas prices, as pipeline companies and distributors have gobbled up the savings before the fuel reaches households...
...their lowest point since 1947. Even with recent increases in federal and state fuel taxes, gasoline costs Americans 44% less in real terms than it did in 1980, and, surprisingly, 24% less than it did in the halcyon days of 1960, before anyone had heard of Saddam Hussein or OPEC. Of course, what consumers pay at the pump does not factor in the real environmental and military costs of America's dependence...