Word: petroleum
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...past two months, rumors have been flying that Southland Corp. was ripe for takeover. A roster of raiders were said to be eyeing the company that operates the ubiquitous 7-Eleven chain of 7,700 convenience stores and owns 50% of Citgo Petroleum. Last week the family that holds a 10% interest in Southland made a deft maneuver. John, Jere and Jodie Thompson, whose father Joe founded the firm in 1927, offered to buy the rest of the company for $3.8 billion, or $77 a share, and take it private. Just seven weeks ago, Southland stock traded...
...increasing supply of crude, however, is likely to drive the price below $20. The Organization of Petroleum Exporting Countries is now pumping 17 million bbl. a day, well above its official production ceiling of 15.8 million bbl. The consensus of energy forecasters: oil will not return to last year's $10 trough any time soon, nor will it climb to the $30-plus range that bedeviled consumers in the early 1980s...
...Marxist-oriented Sandinista government that nearly tripled gas prices and sent the cost of basic goods soaring. Managua acted after announcing three weeks ago that the Soviet Union, which provides virtually all of Nicaragua's oil directly or through Eastern Europe, could supply only 40% of the country's petroleum needs. The Soviets have been surprisingly candid about their aims. Said a high-ranking Mexican official after meeting Soviet Foreign Minister Eduard Shevardnadze last December: "He made it clear that the Soviet Union can no longer afford to support Nicaragua or any other Latin American revolution the way it supports...
...Secretary General U Thant feared that befriending the Biafrans would undermine his status with Nigeria and other member nations that felt threatened by tribal secession. Great Britain had extensive economic ties to her former colony and envisioned huge profits for British petroleum interests from the oil deposits recently discovered under Nigeria's Eastern Region--Biafra. Small wonder, then, that Prime Minister Harold Wilson "remarked that if a million lbos had to die to preserve the unity of Nigeria, well, that was not too high a price...
...course, inspired a worldwide campaign against South Africa. After years of prodding by protest groups, the U.S. Congress in 1986 banned new corporate investment in South Africa and stopped the import of South African steel, iron, coal, uranium and textiles, as well as the export of computers and petroleum to that country. Similar punishments have been imposed by the European Community, the Commonwealth and Japan...