Word: prop
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Dates: during 1980-1989
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Like the Organization of Petroleum Exporting Countries, Britain has long tried, with varying degrees of success, to prop up the cost of oil. Since its formation in 1975, the state-owned British National Oil Corp. has set an "official" price for Britain's North Sea crude: currently $28.65 per bbl. But in recent months BNOC has had few takers at that price and has sold some oil at discounts of about 8% on the spot market, where oil shipments that are not part of long-term contracts are traded...
Even since, divestment has been one of the most hotly pursed campus political issues. "It not that students are not sympathetic to the situations in Central American or of Soviet Jewry, the difference is that in the case of South African apartheid, American corporate investments prop up a system, and only corporate disengagement will let democracy come to, South Africa," says Raskin, now a first-year student at the Law School...
Defenders of the program contend that this does not mean the principle is flawed but that the distribution formula should be changed. They concede, however, that federal income tax revenues, which once seemed limitless, can no longer provide the surpluses needed to prop up local budgets. At the same time, many cities have broadened their financial bases through sales or income taxes. In 1972, for example, sales taxes accounted for 8.6% of all local revenues; by 1983 they supplied 14.2%. Meanwhile, federal revenue sharing, which contributed 13.7% of all local government income in 1973, dropped to 6.4% in 1983. That...
DIED. Henry Hathaway, 86, reliable Hollywood action-movie director who learned the trade from prop boy up and from 1932 crafted more than 60 rousing adventures, big-sky westerns and film noir mysteries that starred some of the screen's greatest names, including Gary Cooper (The Lives of a Bengal Lancer, 1935), James Stewart (Call Northside 777, 1948), Tyrone Power (The Black Rose, 1950), James Mason (The Desert Fox, 1951) and John Wayne (True Grit, 1969); in Los Angeles...
Conditions appeared to be ripe last week for the long-predicted breakup of the Organization of Petroleum Exporting Countries. The pressure of OPEC's three-year struggle to prop up global oil prices seemed, at long last, to have fractured the group beyond repair. During the three-day emergency meeting in Geneva, OPEC's ministers let loose an unprecedented public display of insults, accusations and stubbornness. Yet once again the blowup failed to happen, and the group reached some broad agreements. Nonetheless, those accords showed convincingly that OPEC has lost its ability to dictate world oil prices...