Word: reasonlies
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Dates: during 1970-1979
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...average of $1.01 per gal. Daniel Lundberg, whose Lundberg Letter is widely regarded as the most reliable gauge of gasoline marketing trends, figures that prices are poised to jump to $1.18 per gal. by year's end, a startling 17% rise in a little more than a month. Reason: with the troubles in Iran, big industrial users of oil as well as gasoline will now begin building up their stockpiles and tightening the market, sending prices soaring. That will put a pinch on the already strained budgets of families everywhere, but especially for people whose homes are warmed...
...steep rise follows an unexpectedly sharp decline earlier this year. Then, the major oil companies and the nation's 12,000 independent smaller operators, who account for about 80% of all drilling, were putting off new exploration. Major reason: uncertainty over the decontrol of oil prices and new natural gas pricing regulations. The turning point came in June when crude began to be decontrolled. Oil from wells "newly discovered" after Jan. 1, 1979, began to sell at $28.81 per bbl. delivered to the refinery, rather than the artificially controlled price of $13.86. The additional oil from older wells produced...
...West, a major reason the East bloc's surging prices is the inflation in world oil. Russia is energy self-sufficient, and it supplies European satellites with about 80% of their needs. The prices of that crude are based on an OPEC formula, and they are going up-albeit at a slower rate...
...productivity. Output of Soviet steel, chemicals, fertilizers and other industrial basics is below last year's. The satellites also suffer from production blahs. One reason is the lack of advanced technology, but Marxist ideological strictures do their part. Some countries place a ceiling on the bonuses that can be awarded to individuals for higher output, and many employees prefer to clock out and work at second jobs in the growing "underground" economies...
...grim story has been told before, but never with such sweep and grieving comprehension. Part of the reason is new information, part is the skill and lineage of the author. Thomas Pakenham's mother, the Countess of Longford, is the biographer of Victoria and Wellington. His sister is Antonia Fraser, biographer of Cromwell, Mary Queen of Scots and Charles II. Pakenham was able to prowl the great houses of Britain in search of long-lost letters, papers and diaries, took time to learn Dutch and Afrikaans, and early in his eight years of research recorded the memories...