Word: petroleum
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Dates: during 1980-1989
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...risk of inflation has been sharply reduced, however, by the huge drop in petroleum prices. Last week the price for next-month delivery of West Texas Intermediate, a benchmark crude, closed at $16.01 per bbl., compared with $31.72 in November. Rimmer de Vries, chief international economist for Morgan Guaranty Trust, expects prices to average about $18 this year and next...
...will be successful. The Contra army of terrified peasants and ex-Somocista national guardsmen has created economic havoc for the Sandinistas but are far from causing their removal. For the last six years under the auspices of the CIA and the Argentine military, Contras have bombed ports, bridges, and petroleum tanks. But in spite of these measures, they have not captured a single town in the country. Their two-year-old front along Nicaragua's Southern border has collapsed, and most of the 15,000 guerillas have scattered in retreat...
...minor. The President proposes to wipe out completely a wide range of federal programs. The Interstate Commerce Commission, the Small Business Administration and subsidies to Amtrak form just a small part of the hit list. Reagan would also sell to private investors a clutch of federal assets, including Government petroleum reserves and five federal electric-power facilities...
...current weakness of the Canadian currency, which was worth 81 cents as recently as 1983, is somewhat enigmatic. The economy is growing at a healthy 4% annual pace, and inflation is only 4%. Falling oil prices may be one cause of the dollar's dip, but petroleum accounts for only about 5% of Canada's merchandise export revenues. Probably more damaging is the government's deficit, which was about $34 billion (Canadian) last year. To strengthen the dollar significantly, says Ben Gestrin, vice president of the Canadian Imperial Bank of Commerce, the government must prove that it will "pull...
...with the freedoms of a democratic political system. So far, his resolve has withstood mounting economic pressures. Until 1980 Nigeria was flush with revenues from its oil industry, which at one time produced 2.3 million bbl. a day and yielded $23.4 billion a year in revenue. But the worldwide petroleum glut has left the country, which earns 95% of its foreign currency from oil exports, teetering on the edge of economic collapse. Last year Nigeria produced a daily average of 1.4 million bbl., earning $11.3 billion. Even if the current world price of around $16 per bbl. stabilizes...