Word: petroleum
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Dates: during 1980-1989
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...celebrate by turning up their thermostat a touch or taking a trip in their Winnebago. Falling energy costs are also invigorating the stock market, where the Dow Jones industrial average rose 41.06 points last week to close at a record 1570.99. But for the once flush U.S. petroleum industry, no gushers of champagne have flowed since 1981, when the value of oil peaked. And last month's 25% drop in crude prices is bringing even more failures and layoffs to the Energy Belt. Last week one of the largest offshore drilling companies, Houston's Global Marine (1985 revenues: $379 million...
...fourth quarter of 1985. The company was hurt last year by the cost of fighting off Corporate Raider T. Boone Pickens and by its money-losing oil-shale plant in Colorado. While several big oil companies, including Exxon, Chevron and Mobil, showed earnings gains in the past quarter, most petroleum experts see a lean future. Says Constantine Fliakos, who follows the industry for Merrill Lynch: "The last good news in the oil patch was the fourth-quarter results. We'll have to wait quite a while to hear anything like...
...mission, said a Saudi spokesman, was "related to the current oilmarket situation." A day later, Major Khoualdy Humaidi, a member of Libyan Strongman Muammar Gaddafi's governing Revolutionary Command Council, showed up for a session with Saudi King Fahd. Later, it was announced that the 13-member Organization of Petroleum Exporting Countries would hold an emergency meeting in mid-February...
Many economists support some form of energy tax as a conservation and revenue-raising measure. Heller called the drop in petroleum prices "a heaven-sent opportunity" to cut the federal budget deficit by taxing gasoline or oil. Martin Feldstein, who two years ago left his post as chairman of the Council of Economic Advisers to return to a teaching job at Harvard, has advocated a 20 cents-per-gal. levy on gasoline...
...heart of the plan is a devaluation of El Salvador's currency, a measure recommended by U.S. officials but resisted by Duarte because it would raise & prices of essential imported goods. The government had kept down the price of such imports, including chemical and petroleum products, by maintaining an artificially high exchange rate for its currency. Duarte sought to blunt the immediate effects of devaluation by freezing prices on medicines and basic foods. He also increased salaries for government workers 17%, hiked the minimum daily wage for peasants and industrial workers from $1 to $1.60, and froze rents...