Word: oil
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Dates: during 1970-1979
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...hospital rooms, $500 off-the-rack men's suits, the 25? Hershey bar and the $3.50 martini. Millions of Americans had to postpone their dreams for a home of their own; the average price of a few-frills new house surged from $59,000 to $65,000. Crude oil spurted to $45 per bbl. on the spot market, and gasoline sold for up to $1.28 per gal. at the pump...
People in certain fortunate industries and regions will probably avoid adversity, as they did in 1979. Those in the Southeast generally did well because the region's beneficent climate and low wage rates continued to attract business. The Southwest surged because its oil and natural gas were in heavy demand. Farmers in the Midwest grain belt and the far West prospered, largely because a hungry world increased its call for what America produces best: food. Average farm incomes increased 117% from 1970 to $23,263 per family in 1978 and are higher now. The region that fared best...
...revolution in Iran has sent out shock waves of confusion and distress throughout the monarchies of the Middle East. A state of jitters prevails in the Arabian peninsula, whose petroleum exports are vital to the security of the U.S. and its allies. The rulers of Saudi Arabia, the largest oil exporter of all, are reported to be frightened; a new set of security regulations is in force throughout the country. The governments of the tiny states of the Persian Gulf are also worried, about both their Shi'ite and Palestinian populations and about the wave of Islamic fundamentalism...
Nowhere is concern over the future more manifest than in Saudi Arabia, where a feudal monarchy rules a sparsely settled (estimated pop. between 4 million and 7 million) land containing 23.2% of the world's proven oil reserves. The ruling House of Saud was badly shaken by last month's attack on the Sacred Mosque in Mecca, the holiest shrine in Islam. It was originally reported that the attacking guerrillas were religious fundamentalists who were seeking the recognition of their leader as the Muslim Mahdi or Messiah. Saudi officials later confirmed that although some of the intruders were...
...Iranian crisis was in its seventh week and OPEC was propelling oil prices to historic heights. But in that cosmopolitan capital on the Potomac, the best and the brightest were preoccupied with a more delicate matter: the open or shut case of Zbigniew Brzezinski's fly. As it turned out, President Carter's National Security Adviser had kept his zipper up, and the Washington Post was caught with its trousers down...