Word: pumped
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Dates: during 2000-2009
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...world's oil - opted to raise its production levels. Within weeks Asian stock markets tumbled, driving world oil prices down to $11 a barrel. Oil officials in Saudi Arabia and elsewhere have cited that price crash as the reason they've rebuffed pleas from President Bush to pump more oil. Says Benali: "Countries have learned the lessons of the past...
...which is now above the world price. "If the price stays there a while Iran would cut spending," Priddy says. That might include cutting heavy gas subsidies for Iranian drivers, who have rioted in the past when the government tried to ration gas or raise the price at the pump. Hugo Chavez could face similar problems in Venezuela if oil prices drop below $75 a barrel - the rate at which the country calculated this year's budget. The problems lower prices could cause in those countries could be more visceral than those posed so far by the current financial upheaval...
...will have a knock-on effect on jobs and the earnings of companies that rely heavily on international sales. (One small silver lining: as their economies have slowed down, China and India have decreased their consumption of oil, contributing to a fall in prices, both globally and at the pump...
...affect the ability of businesses and governments to borrow to fund day-to-day operations, continue to tighten in Asia as banks become more nervous about lending. In Hong Kong, the one-month interbank lending rate has doubled in the past month to 4%. Central banks are trying to pump liquidity into financial markets to avert a credit crunch. India on Monday cut the amount of cash that banks must deposit with the central bank in an attempt to loosen credit. "Credit markets are quite global," says Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong...
...highlighted problems they have been warning about for several years; their gripe is that the supposed solution now includes the same out-of-control pork barrel spending that they have been decrying. "The way I see it, the bailout forced us to go into the flooded basement and pump out the water," says Rep. Jim Cooper, a Tennessee Blue Dog, "and while we're down there we see there's termites everywhere...