Word: pers
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Dates: during 1970-1979
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...gasoline in the coming weeks, and 3? to 7? to the cost of home heating oil, a major expense for consumers in the import-dependent Northeast. Several of the largest oil companies, including Exxon, Mobil, Chevron and Texaco, last week announced wholesale gasoline price increases of 6? to 10? per gal. This signals further sharp rises at the pump in the weeks ahead for motorists, who are already paying an average nationwide price of about $1.04 per...
...Paris-based Organization for Economic Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
...Cartel members such as Algeria, Libya and Nigeria have been ignoring official OPEC price lists. Iran has been dreaming up gimmicks to lift the cost of crude under contracts already signed at lower prices. The favorite tactic: requiring customers to buy at least some oil at up to $45 per bbl. Customers who balked have been threatened with loss of their long-term supply contracts...
...Caracas, Saudi Arabia and Venezuela pressed for pricing restraint but were effectively countered by profit-hungry producers led by Iran and Libya. They urged an increase to at least $30 per bbl., arguing that anything less would be silly since consuming nations have been willing to pay prices that would have seemed unthinkable a year...
...before the meeting began, Iran's Ali Akbar Moinfar announced that, whatever happened, the revolutionary government was immediately bumping its price to $28.50. In a move that topped Iran's, Libya's Ezzedin Ali Mabruk then declared that his government was lifting its price to $30 per bbl. Not to be outdone, the Nigerians jumped...