Word: hike
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...orienteering meet most closely resembles an automobile rally−without the cars. In a typical contest, organizers lay out several courses, ranging from a mile-long hike over easy trails to six-mile scrambles across streams, swamps and hills. Contestants, either alone or in teams, leave the starting point at fixed intervals, moving through the quiet beauty of the forest toward unseen checkpoints marked by map coordinates. For many, it is just a "hike with a purpose," an opportunity to stroll or picnic. For others, it is a madcap race in which speed afoot is as important as accuracy...
...countries in Paris that also had been scheduled for this week. OPEC likes to pose as a champion of underdeveloped countries (even though its oil-price increases have hurt those nations more than the industrial countries). The idea was, in effect, to use the threat of another oil-price hike as a club to get the industrial countries to agree to the Third World's demands: a stretch-out of debt repayments and higher prices for non-oil commodities...
Trade Deficits. For the U.S., a 10% OPEC increase would inflate oil import costs by about $3.5 billion and add about 20 per gal. to the price of gasoline and other fuels. That would put a further drag on the already sluggish U.S. recovery, since an oil price hike, like a tax increase, reduces the amount of money consumers and businessmen have available to spend on other things. The impact of an OPEC boost will be muffled by the fact that the U.S. produces almost 60% of its oil, and most domestic oil is still under price controls...
...OPEC boost would intensify British inflation, already nearly 15%, and put more pressure on the sinking pound. Oil imports in the first nine months of 1976 added a net $5.5 billion to Italy's trade deficits, 45% more than a year earlier. To pay for another oil hike, Italy would have to cut other imports sharply and borrow additional cash from its trading partners and the International Monetary Fund. In Japan, which imports almost every drop of its oil, government and private economists figure that national production will rise 7% next year-if there is no OPEC price increase...
...shock that could turn sluggishness into recession could come from another big hike in world oil prices by the Organization of Petroleum Exporting Countries, which has scheduled a price meeting in Qatar for Dec. 15. Last week talk swirled around the world that OPEC might post only a small interim increase (5% or so) or even delay any rise until next year. Oil-burning countries can only hope that OPEC does hold off. The U.S. State Department, which has been waging an unusual public campaign to forestall an oil increase, warns that a 15% boost would cut a full percentage...