Word: weeks
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Dates: during 1970-1979
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...Clear Day You Can See General Motors (Wright Enterprises; $12.95) was written by J. Patrick Wright, former Detroit bureau chief of Business Week. But by all accounts it is drawn from the words of John Z. (for Zachary) DeLorean, a 17-year GM veteran who abruptly quit a $650,000-a-year job as group executive for cars and trucks in 1973. DeLorean, now 54, had a good shot at the GM presidency. But apparently his fast life, long hair and penchant for marrying young women (thrice) and divorcing them (twice) did not fit the GM mold...
Early last week typical spot prices for Persian Gulf crude stood at $37 to $38 per bbl., vs. OPEC's official maximum of $23.50. After the seizure of the U.S. embassy in Tehran, rumors swirled that anti-American fanatics were shutting the tap on exports. Spot traders began desperately scrambling to buy spare cargoes. In Rotterdam, prices ticked up almost by the hour. In New York City, some sellers were demanding an astronomical $47 to $48 per bbl. Though heating oil is retailing in New York at about 850 per gal., spot market imports of the fuel were going...
...spot market chaos will fuel demands for a big new surge in official OPEC prices when the cartel meets in Caracas on Dec. 17. Already Algeria and Libya have pushed their prices beyond the ceilings set by OPEC in June, and last week Nigeria jumped to $26.27 per bbl. Oil executives now gloomily forecast that the official OPEC ceiling could soon reach $28 to $30 per bbl., raising the U.S. energy import bill from some $65 billion this year to as much as $90 billion next year...
There is no way to reduce the crushing costs except to burn much more coal, continue with nuclear power, speed the development of synthetics and solar, move to mandatory conservation, and, of course, drill for more domestic oil. Last week, overriding objections of environmentalists, the U.S. Supreme Court refused to halt an Interior Department auction of leases to explore for oil on the Georges Bank off Massachusetts. Environmentalists fear that a spill or blowout could harm the rich fishing waters, but the court decision was yet another sign that the U.S. will have to make difficult compromises to secure energy...
...Last week, like proud parents of a sickly child who suddenly won the bantam championship, AMC announced that profits more than doubled, to a record $83.9 million on sales of $3.1 billion for the fiscal year ended in September. True, earnings declined in the industry's dismal last quarter, but they were down less than those at the Big Three. In October, AMC rode up again: car sales surged 37%, while they sank 21% for the industry as a whole...