Word: pacts
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...agreement comes not a moment too soon, because the oil industry may be facing rough times. When the Organization of Petroleum Exporting Countries failed last week to reach a meaningful pact to curb production, the price of oil futures plunged from $18 per bbl. to $15.58. If prices collapse, at least Pennzoil and Texaco can start putting their resources into the businesses again instead of into the pockets of their lawyers...
...been rejected; chastened by what looked like a deliberate slap in the face, Congress reversed itself and okayed a $27 million package. The next year a Sandinista attack on contra bases inside Honduras persuaded Congress to approve $100 million. This year may be no different. A Central American peace pact should have ensured congressional rejection of new contra funds. But last week both Ortega and his younger brother, Defense Minister Humberto Ortega, delivered speeches that defied the spirit of the peace plan. Now renewed contra aid seems far more likely to be approved...
...treating that ABM accord. The Administration insists that what the Senate was told by + Government witnesses during ratification hearings is not relevant to what the treaty really means on the subject of space-based defense. This outrages Nunn, who threatens to review the entire negotiation record of the INF pact unless the President and his advisers abandon the notion that they can reinterpret a treaty after the Senate has ratified...
...centerpiece of the summit was the ceremonial signing of an intermediate- range nuclear forces treaty that eliminated an entire class of atomic weapons from Europe and the rest of the world. The product of six years of negotiation, the pact calls for the destruction of 1,752 Soviet and 859 American missiles and establishes rigorous on-site verification procedures that pave the way for more ambitious agreements in the Strategic Arms Reduction Talks (START) regarding longer-range weapons...
...Canadian negotiators reached a historic agreement of their own last week. In Ottawa, the two sides put the final touches on a 250-page free-trade treaty that by 1999 will lift all tariffs between the world's two largest trading partners (total 1986 volume: $124 billion). The pact could mean lower prices for everything from American cars to Canadian...