Word: petros
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...year the fastest action is in sugar and metals. On the Chicago Board of Trade, Dealer Larry Blum says, "silver was going up in a day as much as it ordinarily does in a year." The biggest silver speculator is Dallas Centimillionaire Nelson Bunker Hunt, who has used his petro-wealth to buy millions of dollars worth of future contracts for silver. Unlike most commodities gamblers, Hunt has accepted delivery on some of the metal, which he apparently intends to hoard until the price goes higher...
...Debate. Recognizing these economic realities, the Saudis are striving to persuade the other members of OPEC (which includes several non-Arab states) to cut prices to a more reasonable level. They may fear that sky-high oil prices threaten the stability of the industrialized nations, where much of their petro-wealth is stored. Another reason: price cuts might prolong world dependence on oil by discouraging large-scale efforts to develop alternate sources of energy, such as the U.S. Project Independence. (One proposal being circulated in Washington, and presumably noticed by the Saudis, envisages spending as much as $98 billion over...
...been named chairman of Wall Street's Lehman Brothers, succeeding Frederick Ehrman, 67, who is retiring. "Pete" Peterson, a master at arranging international deals, will speed Lehman's expansion in international finance. Among opportunities that he foresees: helping some oil-rich Arab nations "invest all those petro-dollars," increasing foreign direct investment in the U.S., finding ways to step up trade with Eastern Europe...
Houston is a boom town straining to become a "Super-city." In the past 25 years, it has grown from an oversized stage stop of some 350,000 to a metropolitan area of over one million. It has become the oil capital, the space capital, and the petro-chemical capital of the country. Modern office buildings 40- and 50-storeys high rise along its skyline, and miles of suburbs sprawl in air-conditioned affluence across the old ranch lands...
...ANNE T. PETRO Northfield, Ohio...