Word: upping
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Dates: during 1970-1979
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The Paris-based Organization for Economic Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to...
The Caracas gathering itself revealed a cartel in deepening disarray over how to cope with the topsy-turvy world of petroleum. The yearlong production cutbacks in Iran have tightened supplies and stirred chaos in oil markets everywhere. Cartel members such as Algeria, Libya and Nigeria have been ignoring official OPEC...
The White House has been mulling over new initiatives that would cut imports without the need for congressional action. Proponents and opponents of various measures can agree on one key point: the U.S. has rarely had a better opportunity, or more need, to take energy action. Year after year, that...
Consumers will lead the way down. They are running out of cash, credit and savings; also, they will have to pay much more for oil-related goods and services as varied as food and rents (tractors and furnaces burn fuel). So consumers will be obliged to buy less of almost...
PRICES. Inflation will abate, but not soon enough or substantially enough to cheer about. Recessions are usually slow to take the steam out of prices, and a tight money policy requires months to produce results. In fact, high interest rates will continue to add to inflation until they start to...