Word: world
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Dates: during 1970-1979
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Once a strident hardliner, Iraq tried to be a middleman in the power struggle between extremists and self-professed moderates. Its oil minister, Tayeh Abdul-Karim, suggested that a relatively modest floor price be established, but that it increase automatically every three months in line with world inflation and the economic growth of Western nations, a proposal that won only limited support...
...their dependence on foreign petroleum cannot be easily countered by cartel members. Operating through OPEC, their monopolistic, price-propping has placed an enormous and continuing burden on oil consumers everywhere. Economist Otto Eckstein, president of Data Resources Inc., estimates that OPEC'S policies have been bloating the world's oil bill by $40 billion to $60 billion a year. Says he: "We need that cartel like we need a tourniquet around our necks. Any form of free competition is going to lead to a more balanced result...
...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 of all was the intermountain West because it is a trove of oil, gas, coal, shale and almost...
...entry of so many untrained first-time workers into the labor force, and the decline of research and development, in part because managers have concluded that inflation makes the payoff too distant, too uncertain. Turgid productivity, which aggravated inflation and contributed to the debauch of the dollar in world markets, is as serious as any problem that the nation faces as it enters the 1980s...
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...