Word: perlis
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Dates: during 1970-1979
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...extradition treaties, which vary from country to country,* even the most hated of deposed rulers has usually managed to find a safe haven somewhere in the world. Egypt's decadent King Farouk luxuriated in Italy after his deposition by the army in 1952. Argentina's Dictator Juan Perón was a resident of Spain between 1960 and 1973, when he returned home to reclaim power. Uganda's murderous Idi Amin is rumored to be in Libya, while his peer as butcher, ex-Emperor Bokassa I of the Central African Republic, lives in the Ivory Coast...
Since January, gasoline prices have risen by about 45%, to a current national average of $1.01 per gal. Daniel Lundberg, whose Lundberg Letter is widely regarded as the most reliable gauge of gasoline marketing trends, figures that prices are poised to jump to $1.18 per gal. by year's end, a startling 17% rise in a little more than a month. Reason: with the troubles in Iran, big industrial users of oil as well as gasoline will now begin building up their stockpiles and tightening the market, sending prices soaring. That will put a pinch on the already strained...
Escalating spot market prices are, if anything, a bigger threat to the world economy than is the ever present danger of a cut in supplies. With spot prices now hovering at $40 or more per bbl., nearly twice the maximum official OPEC price of $23.50 for oil sold under contracts of three months or more, OPEC members are clamoring for a hefty new increase when the cartel meets in Caracas on Dec. 17. Notes a top Carter Administration official: "Spot prices are the locomotive now dragging OPEC prices along." Adds Data Resources' Eckstein: "Our present forecast has OPEC prices...
...prices go as far as $35 per bbl., the impact on oil inflation and the world economy would be severe. U.S. consumer prices would continue rising at a dizzying double-digit pace, forcing the Federal Reserve to stick by its anti-inflation policy of sky-high interest rates much longer than expected. The almost inevitable result: a deeper recession than so far forecast. Despite slumping growth, the nation's oil import bill, which is projected to total $61 billion this year, would leap to $96 billion in 1980. That in turn would keep the dollar's value dropping...
...Under the circumstances, there is no guarantee that economic disruption can be avoided no matter what steps the nation takes. But the best hope for avoiding real trauma is to cut consumption, conserve supplies and, at the very least, make do with 700,000 bbl. less of crude per day. Such an effort would put some slack in worldwide petroleum supplies and help restrain prices. More important, it would also show Iran and the world that the U.S. can start breaking its addiction to the demon...