Word: petroleum
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Dates: during 1970-1979
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...George Bush received an impeccable Eastern education at Phillips Academy, Andover, and then at Yale, where he earned a Phi Beta Kappa key and a degree in economics in 1948. Wishing to escape the shadow of his father's success, he migrated to Texas, co-founded the Zapata Petroleum Corp. in 1953 and accumulated a fortune. In 1964, Bush got his baptism in the Texas political wars when he was defeated in a race for the Senate by liberal Democrat Ralph Yarborough. Lowering his sights, Bush was elected to two terms in the House from his home district...
...which the world's major economies have been moving in concert on a wild roller-coaster course. First, in 1972, all the leading economies swung into a boom at the same time-a boom that, combined with poor harvests and price gouging later by the Organization of Petroleum Exporting Countries, aggravated global inflation. By early 1974, price increases in the OECD nations reached an unsustainable compound annual rate of 16.8%. Then, as one government after another moved to curb inflation by dampening demand, all the key economies rapidly tumbled into recession...
...indictment charges AMREP Corp. of New York City with 70 counts of mail fraud and ten counts of violating the Interstate Land Sales Full Disclosure Act. Since 1961, it charges, AMREP (an amalgamation of the American Realty and Petroleum Corp. with the Great Sweet Grass Oils Co.) has managed to sell desert plots to about 45,000 people for a total of more than $200 million. AMREP's initial investment for the parched land was about $17.8 million. To hype the value of the property, the indictment charges, the company added some showcase improvements in a development called...
...rhetoric against the companies is taking on an evangelical tone. Colorado's Gary Hart (no relation to the Michigan Senator) told Senate colleagues last week that divestiture "would be the best thing that could happen to the petroleum industry in the U.S. and perhaps the world. In the final analysis, it would be the best thing that could happen to the consumers...
...Organization of Petroleum Exporting Countries is a cartel so powerful that it has seemed able to set prices wherever and whenever its 13 members pleased, regardless of market forces. But at a stormy meeting in Vienna in September, OPEC decided to raise oil prices 10% effective Oct. 1, rather than the 25% that some members had urged earlier. Now it appears that the actual increase will be smaller still. Experts at the Petroleum Industry Research Foundation reckon the weighted average of price boosts by all OPEC members so far at less than 9%-equal to a rise of about...