Word: third
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Dates: during 1970-1979
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...Third World countries bear quite the same burden. While scarcely in the OPEC league, Argentina, Peru, Malaysia and some others can supply most energy needs from their own reserves. At the other extreme, countries such as Sudan, Chad and Bangladesh, among others, are so poor that the shortage of funds to buy oil is just one more lack on a long list of basic needs...
...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 were originally strong supporters of commodity cartels...
...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 jump 16% this year; at least ten points of the total are directly attributable to increased energy costs. Many Third World leaders echo Kenya's Kibaki: "We have had to postpone vitally needed development projects. We are not importing any nonessentials...
...official cartel ceiling of $23.50. In unregulated markets outside the U.S., Aramco's proud parents have been able to sell their gasoline, heating oil and other products for high prices even though these fuels were made from the lowest-cost cartel crude. Largely as a result, third-quarter profits of Exxon, Mobil, Texaco and Socal jumped by anywhere from 73% to 211%. The revenue surge enraged the Saudis; Oil Minister Ahmed Zaki Yamani argues that Aramco's parents have been grossly profiteering from Saudi "generosity," suggesting that last week's Saudi price rise...
...male gymnasts finish third in World Championships...