Word: pump
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Dates: during 1980-1989
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...still greater danger is that the producers may not pump enough oil to permit much or any economic growth in either the industrial or underdeveloped worlds. The producers have learned that prices rise most rapidly when supply is kept barely equal to, or a bit below, demand; they have good reason to think that oil kept in the ground will appreciate more than any other asset, and the Iranian explosion has demonstrated that all-out production, and the forced-draft industrialization and Westernization that it finances, can lead not to stability but to social strains so intense that they...
...need for this becomes more acute all the time; indeed, last week Venezuela, Libya, Indonesia and Iraq announced price hikes of 10% to 15%, which could add 5? to 7? per gal. to the wholesale price of imported oil and a few cents more to gas at the pump. Americans are also reacting to higher prices by switching to smaller autos at a faster pace than anyone had expected...