Word: pricesâ
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...April 1980, oil prices??went stratospheric, peaking at about $100 a barrel, adjusted for inflation. Some of the causes might sound familiar. Constantly rising demand. Political crises in Iran and Iraq. Uncertainty about the extent of future reserves. And, of course, the edgy enthusiasm of commodities buyers, whose fears drive up the price...
...pace. The new OPEC boost may doom Administration efforts to wrestle the figure down below the double-digit range this year. Directly it will kick the prices of gasoline, heating oil, diesel fuel and the myriad products made from petrochemicals yet higher; indirectly it will nudge up many other prices???apartment rents and foods, for example...
...revolt. Two weeks ago, Schlesinger accused them of being "unduly conservative," and even threatened to take crude away from some refiners and give it to others who would process it faster. That sounded like an endorsement of the conspiracy theory that oilmen are deliberately withholding supplies to force up prices???or at the very least take advantage of the higher prices sure to come...
...Reserves are measured in three ways: proven, probable and potential. Unlike other countries, Mexico further complicates matters by lumping oil and gas together; about two-thirds are oil, one-third gas. The government figures its proven reserves?oil and gas that can be recovered with existing technology at current prices???at 20 billion bbl. This total is expected to be raised soon to about 30 billion bbl., which would make Mexico's known supplies of oil slightly larger than those of Venezuela or Nigeria, though far smaller than Saudi Arabia's 160 billion bbl. The official reckoning of the much...
Some city consumers may sneer at that statement. Though recent polls show widespread sympathy for farmers, there has long been a fashionable opinion that big farmers, at least, are pampered wards of Government living high off the inflation that is pushing up food prices???10% this year. Few realize that 87% of the rise in food prices since 1973 has occurred after the food left the farm. That is a consequence of Americans' insatiable desire for ever fancier processing and packaging, along with rising off-farm wages. Last year, for the first time, workers in slaughterhouses, canneries, freezing plants...