Word: petroleum
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...Soviet Union can use new credit because its income from oil exports has dropped as a result of production problems and low petroleum prices. During the first six months of the year, Soviet export earnings in major currencies were only $14.5 billion, down about 23% from the same period in 1984. That is not enough to cover imports, which the Kremlin is reluctant to cut back because it is starting a new five-year economic plan...
...common stocks in 1985 climbed by a record $462 billion. While that was enough to spread some profits around to a lot of investors, the biggest winners were shares that started the year very cheap. Most energy stocks did not do very well last year because of the world petroleum glut, but Texas International, an oil and gas concern, rose the furthest among the 2,312 issues listed on the New York Stock Exchange. It jumped by more than 400%, from 1 1/8 to 5¾. Reason: a deal to develop oil wells in Egypt...
That there are fights over soap and bananas in Libya, which has a population of only 3.6 million and a per capita gross national product of about $8,000 (vs. $9,000 in Britain), is the result of both softening demand for petroleum and poor economic planning. Oil revenues are down from $22 billion in 1980 to an anticipated $8 billion this year. "The cash-flow problem is hurting," said a Western diplomat in Tripoli. "It is like taking a 60% salary cut and trying to keep up with the payments on the house and car." Some construction contracts have...
While falling petroleum prices have grabbed most of the attention, an army of other friendly forces are at work. The decline of the U.S. dollar by about 30% since its peak in February 1985 will help beleaguered U.S. exporters boost business by making their products more competitive with foreign rivals. Meanwhile, the decline in global interest rates will ease the burden on staggering debtors, ranging from U.S. farmers to developing countries like Brazil and Argentina. And even one of the thorniest problems of them all, the U.S. budget deficit, is becoming slightly less severe...
Fitzpatrick may have wanted to be first in the door, but Armand Hammer, 87, chairman of Occidental Petroleum and a promoter of Soviet-American relations for more than 60 years, was already inside the room. Several years ago, Hammer had seen a Soviet exhibition of impressionist and postimpressionist paintings in Switzerland. He asked the Minister of Culture if he could borrow it for the U.S. too, but nothing happened until after the summit agreement. Under a deal Hammer and Carter Brown worked out, the National Gallery has already sent 40 impressionist paintings to the U.S.S.R. (Hammer also has loaned...