Word: petroleum
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Dates: during 1980-1989
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...prices have taken their steepest plunge ever, energy producers from Mexico City to Moscow have felt the pinch. While some are suffering more than others, no major petroleum exporter has entirely escaped the pain. A look at the economic and political woes that cheap oil is causing once mighty producers around the world...
...many Californians, the proposal makes no sense. If the world is awash in oil and petroleum prices are plunging, then why do energy companies want or need to drill for additional supplies of crude off the U.S. coasts? Nonetheless, despite the crash in the oil market, the Federal Government intends to go full speed ahead with its controversial plan to sell a new set of offshore leases. Along the California coastline, where many of the oil tracts are located, environmentalists, fishermen and many politicians are alarmed and angry...
...Since lease rates rise and fall with oil prices, the Interior Department sale is expected to offer some tempting bargains. Five years ago, for instance, when oil prices were riding high, the average price paid for tracts in the Santa Maria Basin was $6,387.82 per acre. But if petroleum prices stay at their current depressed levels, the new oil leases could go for much less...
...prices. Since the 1920s, the school district has bolstered its budget with revenues from oil wells behind Beverly Hills High that overlook the athletic fields. An oil company leases the land from the school district and pays royalties based on the profits it makes from the wells. When petroleum prices shot up in the 1970s, the district's annual oil earnings jumped to $1.5 million. The extra revenue has helped Beverly Hills pay its teachers a handsome $38,000 a year, or $10,000 more than the national average...
...tonic for the U.S. economy. Last week the Labor Department announced that unemployment jumped in February from 6.7% to 7.3%. Most of the increase, however, occurred in three states: California, Texas and Illinois. California's farm economy was disrupted by recent floods, Texas' oil business was decimated by falling petroleum prices, and Illinois lost many manufacturing jobs...