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...leader this time was Saudi Arabia, which unilaterally added $2 to the $26 per bbl. that it already charges. The largest OPEC producer argued that with worldwide demand for oil weak, such an increase would somehow restore "order and unity" to the crazy-quilt patchwork of global oil prices. Yet hardly had the Saudis acted than Libya, Kuwait, Iraq and the United Arab Emirates announced matching increases of their...

Author: /time Magazine | Title: Business: Synfuel Success | 6/2/1980 | See Source »

Financial markets were swept by a crazy quilt of slumping and surging prices. Businessmen fretted over whether Carter's "disciplined" new effort to make money and credit scarcer and more costly would pitch the economy into recession for real, or if it would perhaps be swept aside by another onrush of inflation. On Wall Street, the Dow Jones average of 30 leading industrial stocks dropped 23 points on the first day after Carter announced his program. It then bounced back and forth before finally closing out the week down 26.5 points at 785, its lowest level since April...

Author: /time Magazine | Title: Business: Turmoil on the Money Front | 3/31/1980 | See Source »

This crazy-quilt winter weather was the result of erratic changes in the usual pattern of westerly winds-especially the high-altitude jet stream-that whip across the U.S. Part of a broader global feature known as the circumpolar vortex, the winds in winter usually follow a sharply undulating path round the Northern Hemisphere, like the bottom of a whirling crinoline skirt. Sweeping northeast over the Pacific, the winds pick up warmth and moisture. Heading down again from the cold north, they cause heavy rain and snowstorms from the Rockies through the heartland to New England...

Author: /time Magazine | Title: Science: That Crazy Winter Weather! | 3/17/1980 | See Source »

...crisis that shaped the direction of this Congress was the turmoil in Iran. The revolution reduced world oil supplies and led to the gas shortages of early summer. These in turn brought forth a surge of congressional activity on the patchwork quilt of energy bills submitted by President Carter in the spring. But then followed a textbook example of what ails Washington. The Carter energy program, refined in July, still needed work. The White House leadership was uncertain, and as the gas lines shortened, the public began sending out confusing signals about what it wanted done. The lawmakers began...

Author: /time Magazine | Title: Nation: Midterm: A Gentleman's C | 1/7/1980 | See Source »

...Mortite and other caulking compounds (some offered in decorator colors), they can effectively seal out drafts around window frames, balcony doors and air-conditioning units. One Chicago store shows shoppers a quick how-to-do-it movie to help them with installation. Insulated window shades, made of a multilayered quilt of polyester and aluminized plastic, are a fancier and costlier option at $60 to $100 per window. For those who can afford to wait out winter in bed, down comforters-selling at four times last year's rate -and electric blankets are recommended. Macy's 15 New York...

Author: /time Magazine | Title: Living: Hotlines and Comforters | 12/24/1979 | See Source »

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