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Troubled S & Ls are heavily concentrated in Texas and California, where state thrift regulations were loose and local economies had booms and busts. Many Texas thrift owners who pumped money into energy ventures when oil sold for $29 per bbl. in 1983 saw their collateral collapse in value when prices plummeted below $10 in 1986. In California some thrifts invested in real estate markets that became glutted, including Los Angeles office towers and Beverly Hills condominiums...
When OPEC members agreed last November to limit the group's oil production to 18.5 million bbl. per day in hopes of boosting prices, veteran oilmen were skeptical. Previous all-for-one pacts had crumbled when members secretly exceeded their quotas. This time producers are still cheating, but considerably less than most experts had expected. Oil-industry analysts estimate that OPEC is producing just 1 million bbl. per day more than the quota. As a result, OPEC's relative restraint is sparking a rally in the oil markets. The price of West Texas intermediate, a benchmark crude, reached...
...fossil-fuel burning will never be eliminated, they can be cut down significantly. An immediate way to do so is through conservation. When oil prices soared in the 1970s, industries responded by becoming much more energy efficient. But the plunge in the price of oil from $36 per bbl. in 1982 to less than $12 per bbl. this fall has cooled the enthusiasm for conservation. Governments must rekindle that interest and boost energy saving by setting or raising minimum efficiency standards for automobiles, appliances and other machinery...
...pacts, the truce came after days of heated negotiations. And like other OPEC pacts, it may prove ephemeral. Iranian Oil Minister Gholamreza Aqazadeh broke a deadlock when he tentatively gave in to Iraqi Minister Isam Raheem al-Chalabi's demand for a quota equal to Iran's 2.6 million bbl. a day. To accommodate the 1 million bbl. increase in Iraq's quota, other OPEC members gave up a bit of their own allowances...
Iran's acquiescence may enable the group, which has suffered from sagging prices, to cut output to 18.5 million bbl, a day from its current runaway level of about 22 million bbl. Members hope the reduction will boost oil prices from about $12 per bbl. to the $15 range. Past agreements, however, have been stymied by members cheating on their quotas...