Word: petroleum
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Dates: during 1970-1979
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Newspapers and petroleum companies are not obvious and natural allies. So it came as a surprise to many Britons last week when the Sunday Observer (circ. 668,000), one of Fleet Street's most literate papers, was purchased by the Atlantic Richfield Co., a $7 billion Los Angeles-based oil giant. The token price: one pound sterling, or about...
...shock that could turn sluggishness into recession could come from another big hike in world oil prices by the Organization of Petroleum Exporting Countries, which has scheduled a price meeting in Qatar for Dec. 15. Last week talk swirled around the world that OPEC might post only a small interim increase (5% or so) or even delay any rise until next year. Oil-burning countries can only hope that OPEC does hold off. The U.S. State Department, which has been waging an unusual public campaign to forestall an oil increase, warns that a 15% boost would cut a full percentage...
Abundant Energy. The growing popularity-and respectability-of solar-energy systems stems in part from the price of oil, which has quadrupled during the past five years, and is likely to climb still higher after the Organization of Petroleum Exporting Countries (OPEC) meets in December. The prices of natural gas and coal have also increased, and reserves of all three fuels have dwindled, forcing economists to look ahead to the day when they might be unavailable at almost any price. "We eventually will have very little left but solar energy," says Erich Farber of the University of Florida at Gainesville...
...quicken the pace of American business. These experts fear that unless the U.S. helps to speed up sluggish global growth by adopting a more stimulative course soon, the entire industrialized world could fall into another recession. Such a downturn could well be hastened if, as expected, the Organization of Petroleum Exporting Countries boosts the world price of oil by 10% or more next month...
...developing countries would be much harder hit. To pay their oil bills, they might well have to divert money from productive investments, thus increasing inflationary pressures and hurting their efforts to reduce unemployment. The psychological shock could be serious too. Says Economist Paul H. Frankel of London's Petroleum Economics Ltd.: "It is not at all certain that the world recovery is fully established. If the global economy is beginning to move down instead of up, OPEC'S price rise could be a critical factor aggravating that trend...