Word: steeped
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Dates: during 1970-1979
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...tank farms and on tankers. The companies will not get those one-shot "inventory profits" in the future, unless OPEC again raises the price. As for relative earnings, the five companies' profits rose from $5.3 billion in the twelve months before the embargo and big price rises, to a steep $8.2 billion in the twelve months following; but the OPEC governments' revenues swelled from $22.7 billion in 1973 to $112 billion last year. The companies' earnings will probably decline this year because their costs are going up while oil demand is going down...
...economic revolution that is already bringing a radical redistribution of the world's wealth and political power. The transfer of riches to the oil producers has helped slow or stop the rise of living standards in many other countries?a development that has potentially grave social consequences. The steep economic growth that the industrial nations have enjoyed since World War II tended to soften social and economic inequalities because even the poor and deprived made visible progress year by year and could discern a brighter future. Now, if there is slow growth or no growth, demands for social justice will...
Cutting Hair. The Finance Ministry estimates that annual oil revenues by 1981 will be roughly 2½ times what the economy can absorb. The government can spend some of its excess profits on social services. It can also reduce its steep income taxes (now ranging up to 90%). But University of Oslo Economist Erling Eide predicts that any reduction in taxation would lead to a severe inflation resulting from Norwegians' increased spending power. The only way to contain the inflation, Eide says, would be to revalue the krone to reduce the cost of foreign imports. Revaluation, though, would damage...
...Francisco to postpone indefinitely construction of an 18,000-seat sports arena. The Washington, D.C., rapid-transit system, budgeted at $2.5 billion five years ago, will cost at least $4.5 billion, perhaps $6 billion, before it is fully completed in 1981. Prices of goods that cities buy are also steep. Environmental and transportation equipment was exhibited for the officials in Houston. But reaction to items like a 19-seat minibus was tempered: mayors kicked the tires and winced at the $19,000 price...
...they may be unable to do so this year. While retail sales rose 7% in dollars over the past year, that was equivalent to a drop in real terms once the impact of inflation was discounted. Several big chains, among them F.W. Woolworth and W.T. Grant, have suffered steep declines in third-quarter profits; at the biggest of them all, Sears, Roebuck, earnings fell...