Word: surpluses
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...OPEC go from a strategy of one-for-all to a free-for-all? The cartel's disintegration began in 1981, when prices started sliding because of worldwide overproduction, partly caused by consumption cutbacks in many oil- dependent nations. To sop up the surplus, OPEC imposed output limits on its members. But that only provided a chance for such new producers as Mexico and Britain to steal business from OPEC countries, whose market share consequently dropped from 63% in 1979 to 38% currently...
That frenzy of togetherness was an indication of growing dismay among many of the world's major oil-producing countries, as they seem unable to halt a major price war that has dramatically depressed the value of their most important product. The war, caused by a surplus of some 2 million bbl. of crude oil a day flooding onto world markets, showed no signs of abating last week. The spot price of oil, which two weeks ago fell through the $20-per-bbl. barrier for the first time in seven years, closed last week at about...
Under the budget proposal, which also includesprojections for the next five years, thegovernment would actually end up with a $1.3billion surplus...
...spin later in the week, when more cautious members of OPEC played down the threats. But oil-industry experts predicted that an even more dramatic decline could be on the way. By next spring the seasonal drop in demand for heating oil is likely to aggravate the global petroleum surplus. "This collapse occurred in anticipation of trouble," said Constantine Fliakos, who follows the oil industry for Merrill Lynch. "You can imagine what will happen when the real flooding of an already glutted market begins." A price war would be a risky, last-ditch change in strategy for OPEC, which...
...proudly point to some solid accomplishments. Through a contract with the Los Angeles County sheriff, West Hollywood has beefed up police protection by about 20%, adding foot patrols, organizing neighborhood-watch groups and driving serious crime down by 18%. Meanwhile, without raising taxes, the city has amassed a budget surplus of more than $6 million: money that before cityhood was collected in West Hollywood but was spent elsewhere in Los Angeles County...