Word: petroleum
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Dates: during 1980-1989
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Worse, analysts predict that falling petroleum prices may cost Egypt an additional $700 million in export revenues this year. Plummeting revenues have forced the government to cut back on the $7 billion that it spends in subsidies for basic goods such as bread and gasoline, and this has fed popular discontent...
...nearly to catch up on its foreign bills. But the plan was beginning to break down even before two crushing blows that have pushed the country close to default: last September's Mexico City earthquake, which saddled the country with $4.5 billion in damages, and a 50% drop in petroleum prices since November...
...fall of oil prices has drained other South American petroleum producers too. The plunge has soured the comeback hopes of Venezuela, which relies on crude sales for 90% of its export income. A predicted loss of roughly $2 billion in oil revenue for 1986 forced Venezuela last week to ask for last-minute concessions in an agreement it signed with international bankers for rescheduling payments on $21.2 billion of the country's debt...
...Soviet Union's disastrous agricultural program, which Gorbachev headed during part of Brezhnev's years, is now being scrutinized and reorganized. Another serious problem facing the country is oil. Petroleum output, which provides more than two-thirds of foreign currency earnings, had begun to decline even before the petroleum glut, and lower market prices will further diminish income. Said Jan Vanous, a Washington-based analyst of the Soviet economy: "The decline in oil prices represents the most serious external challenge to the Soviet Union since World...
What brought on the oil windfall is a global production binge. The Organization of Petroleum Exporting Countries is pumping about 17.5 million bbl. a day, 2.5 million bbl. more than the industrial world can use. The glut showed up in earnest late last year after Saudi Arabia nearly doubled its output in order to regain the market share it had lost to rival producers...