Word: toed
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Dates: during 1970-1979
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The developing countries' oil-import bill jumped from $4 billion in 1972 to about $44 billion this year, and some have-not nations are openly complaining about OPEC. The worsening crisis over crude prices may create an ideological dilemma for Third World leaders like Tanzania's Nyerere who...
Just as a homeowner struggling with heating bills may turn to his bank for help, the have-not nations are hefty borrowers. Their loans from Western banks and international aid authorities have surged to a dangerously high $300 billion, and are expected to rise some $60 billion next year. The...
Economic expansion, which depends on cheap fuel, is slowing almost everywhere. Taiwan's growth has declined from 12% last year to 8%, and South Korea's from 12.5% to 6%. Oil-fueled inflation is raging. Taiwan's wholesale prices rose 3.5% last year, but are expected to...
Instead, some nations are returning to preindustrial methods. Over the past few months, the price of tractors in rural Thailand has fallen 20% as fuel has become scarce and expensive. Prices of water buffaloes, which do not consume diesel fuel but do produce free fertilizer, have soared. Some Thai officials...
As producer and distributor of some 9.5 million bbl. of crude per day, Aramco is by far the world's largest oil-producing corporation. It is not required to publish financial records because its stock is not publicly traded. But by expert estimates, during the past two years Aramco...