Word: toed
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Dates: during 1970-1979
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For the long term, it is vital to move forward rapidly to develop every alternative energy source, from coal and shale to wind, waves and the sun. Meanwhile, conservation of existing supplies is indispensable, and politicians would do well to face the issue. Concludes Milton Lipton, president of the leading...
When the oil ministers of the world's least beloved cartel jet into Caracas next week for their final sock-it-to-'em meeting of the decade, there will be some important and worrisome differences from past gatherings. OPEC will be fixing prices against a backdrop of almost...
As a result of OPEC's policies, worldwide inflation has been sent soaring to ever increasing heights. Meanwhile, global economic growth has stalled and the international financial system itself has been thrown into turmoil. In 1980, oil-importing nations expect to hit what economic jargoneers have labeled a "synchronized...
A further big rise in price would do shocking damage. For example, a jump to $30 per bbl. would lift OPEC's total 1980 revenues to about $300 billion, constituting a huge new international tax on economies everywhere.
More and more OPEC members are discovering that they can collect just as much by cutting production. Kuwait, Iraq, the United Arab Emirates, Algeria and Libya have all announced cutback plans for 1980, and others are likely to follow. Warns Gulf Oil Corp. President James Lee: "We estimate that OPEC...