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...Last week the futures price of West Texas Intermediate, the benchmark U.S. crude, reached $20.15 a bbl., up some 50% since last October. The rally largely reflects an unexpectedly successful campaign by members of the Organization of Petroleum Exporting Countries, along with several non-OPEC countries, to curb their output and reduce the world's oversupply. Since early January, OPEC production has fallen about 3.5 million bbl. a day, to some 19 million...

Author: /time Magazine | Title: Step on The Gas, Pay the Price | 4/3/1989 | See Source »

...trouble with a Golden Age is that nobody sees the sheen and shine until years later. In Hollywood's case, it was many years later. East Coast intellectuals, who thought that the only real acting was done on Broadway, sneered at Hollywood's output. But, then, why shouldn't they have? The studio bosses, after all, liked to brag that they were just businessmen whose job it was to turn out movies -- no one in those days called them films -- the way General Electric did refrigerators and Ford did cars. The stories of their often comical obtuseness have since filled...

Author: /time Magazine | Title: Show Business: 1939: Twelve Months of Magic | 3/13/1989 | See Source »

...Bordeaux region. The country has a host of grape-hospitable regions whose weather remains remarkably stable from year to year. Chilean grapevines, of mostly transplanted French and some German stock, are unscathed by the Phylloxera that devastated Californian and European vines in the 19th century. With an annual output of some 70 million gal., Chile ranks 13th among the world's wine producers. Los Vascos, with a yearly capacity of 423,000 gal., is unusual among the country's vineyards in that most of its wines are exported to the U.S., Canada, England, Denmark and, yes, France...

Author: /time Magazine | Title: Food: Sweet Vino High-quality | 3/6/1989 | See Source »

...gloating was the seizure of unprecedented quantities of chemicals used in the manufacture of cocaine. The cache included 417,095 gal. of ether acetone and methyl ethyl ketone, and 95 tons of potassium permanganate -- enough chemicals to make 104 tons of cocaine, a third of the estimated annual cocaine output of Colombia, Bolivia and Peru combined...

Author: /time Magazine | Title: Drugs The Chemical Connection | 2/20/1989 | See Source »

...leading destination for legal and perhaps illegal ivory is Asia. Hong Kong is a major manufacturer and exporter of ivory jewelry, and 30% of the colony's output goes to Americans. "People in the U.S. just don't connect ivory with elephants," says Mark Stanley Price, a director of the African Wildlife Foundation, "but every bracelet represents a dead elephant." Another top consumer is Japan, where ivory has long been used for personalized seals called hanko. But under pressure from conservationists, Hong Kong and Japan have begun to check closely the documents on ivory imports to weed out illegal shipments...

Author: /time Magazine | Title: Environment: Last Stand For Africa's Elephants | 2/20/1989 | See Source »

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