Word: pay
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Dates: during 1970-1979
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...monetary system was shaky enough before last week's action. Since 1973, the nearly tenfold increase in oil prices has sent an estimated $150 billion cascading into OPEC's coffers. The resulting deficits of the oil-dependent nations have soared, forcing countries to borrow heavily just to pay for their oil imports...
...about half as much as OPEC crude. To encourage both conservation and exploration, the President proposed raising U.S. prices to world levels. But he linked that measure to an additional 50% tax on the oil companies' so-called windfall profits. Under Carter's recommendation, energy companies would pay $291 billion in extra taxes over the next decade...
Prices gyrate two or three points between lunch and cocktails. When interest rates rise bond prices fall-and often sharply. That is because securities sold earlier at lower rates are less desirable than new bonds that will pay a higher return. In just a few hours last month, the price of 30-year Government bond fell two points-from 91% of face value to 89%-and bond dealers lost $20,000 on a mind lot $1 million purchase of the issue. In this environment, corporations are forced to raise interest rates still higher to attract new customers. Since the beginning...
...confusion was an invitation for price gouging. The National Iranian Oil Co. (NIOC) demanded $50 per bbl. for some oil it put on the spot market and threatened that if its regular customers did not pay the price, NIOC would refuse to renew its supply contracts when they expire in December. Exxon, Shell and British Petroleum got telex notification from NIOC that their anticipated deliveries for the last three months of 1979 were being cut by approximately 5%. NIOC blamed "operational difficulties," but many oilmen suspected that the missing petroleum would soon enough turn up for sale on the spot...
...wealth there is. Like more worldly organizations, the Vatican is plagued by galloping inflation and an increasingly high overhead. The major problem is the swollen staff of more than 3,000 which John Paul inherited from Paul VI, a born bureaucrat. Hard-pressed Vatican workers (typical clerk's pay: $150 a week) talk of forming a union. Out of charity for loyal veterans, John Paul wants to trim the payroll only through attrition. That means he needs more cash...