Word: petroleum
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Dates: during 1980-1989
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Many workers fall victim to business cycles that sharply cut the going rate for their skills. Patrick Walter was comfortably supporting his wife and their two children on his $35,000 pay as a welder on an oil rig off the Louisiana coast when the petroleum price slump hit and cost him his job. Says he: "It doesn't take long for everything to go to hell. I might never make what I used to." Walter and his family packed up and migrated to Oregon, where they moved in with his wife's parents, and he took...
...last Wednesday, an exhausted Rilwanu Lukman, the Nigerian Oil Minister and president of the Organization of Petroleum Exporting Countries, emerged from a conference room at Geneva's Intercontinental Hotel to announce that the cartel had ended its longest meeting ever. After 17 days of bitter wrangling, OPEC had agreed to renew its two-month-old pact to keep oil production down in an effort to push up prices. The group intends to hold daily output to 17 million bbl. a day, up only slightly from the current 16.8 million...
Last July, Alex Goldfarb appealed to Armand Hammer, 88, chairman of Occidental Petroleum Corp. and a friend of Soviet leaders for some 60 years, for help. Last week, when Hammer was in the Soviet Union, he met Anatoly Dobrynin, the former Soviet Ambassador to the U.S. "I'd like to take Mr. Goldfarb home with me tomorrow," said Hammer. Replied Dobrynin: "That's impossible." Said Hammer: "Anatoly, I'm accustomed to doing the impossible." Later, Dobrynin telephoned Hammer to say, "Permission granted." Hammer rushed to tell Goldfarb, who was in a hospital with multiple ailments, including failing eyesight, diabetes...
...miles, the Soviets protested but nevertheless became the first major nation to recognize the new limits. In return, Iceland expanded its trade with Moscow and now provides the Soviets with about one-fifth of their frozen fish and 80% of their salted herring. The island buys 90% of its petroleum supplies from the Soviet Union...
Many Americans mistakenly believe that the Arm & Hammer line of baking soda, detergents and deodorizers is owned by Industrialist Armand Hammer, 88. Irked by the common confusion, the high-profile chairman of Occidental Petroleum reportedly tried a few years ago to buy the label from its owner, Church & Dwight of Princeton, N.J. But now Hammer is at least a minority Arm & Hammer proprietor, after Occidental gained a slice of ownership in Church & Dwight by a new joint venture. Under the scheme, Church & Dwight received a 50% share in a potassium-carbonate plant owned by Occidental in Muscle Shoals...