Word: opec
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...Taurus. Glen Gebhard. Hector Hevodidbon. Michel Assaf. During an infamous career that spanned two decades, Ilyich Ramirez Sanchez used all those names. But the public knew him as Carlos the Jackal, the moniker that best evoked his ruthless, predatory spirit. As he boldly declared in 1975 while holding 11 OPEC ministers hostage in Vienna: "To get anywhere, you have to walk over the corpses." His image is frozen in time in crude black-and-white photos of a pudgy face that seemed menacing in its banality and came to symbolize the world of mercenary terror. But last week as Carlos...
...down from a March high just over $21 and the lowest in 3 1/2 years. The immediate reason was that the 12-nation Organization of Petroleum Exporting Countries, meeting in Vienna just before Thanksgiving, could not agree on a plan to cut production. Output from non-OPEC sources is rising too, and there is a possibility that United Nations sanctions against Iraq will be eased, allowing some Iraqi oil to flow abroad again. All that adds to a heavy surplus of supply over demand...
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...