Word: important
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Dates: during 1970-1979
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...prices would continue rising at a dizzying double-digit pace, forcing the Federal Reserve to stick by its anti-inflation policy of sky-high interest rates much longer than expected. The almost inevitable result: a deeper recession than so far forecast. Despite slumping growth, the nation's oil import bill, which is projected to total $61 billion this year, would leap to $96 billion in 1980. That in turn would keep the dollar's value dropping, while provoking yet more demands by oil states for compensating price increases. The vicious cycle would continue to drag the economies...
...breakthrough came at 10:15 last Thursday morning. Its import was discreetly disguised by the dry language that negotiators use. "In the light of the discussions we have had," said Robert Mugabe, co-leader of the Patriotic Front, "if you are prepared to include [our] forces in paragraph 13 of the British paper, we are able to agree to the interim proposals." Impassively, British Foreign Secretary Lord Carrington said that a sentence would be added to the paragraph in question: "The Patriotic Front Forces will be required to comply with the directions of the Governor...
...Foul weather. Last winter was the coldest that the Russians have suffered for 75 years; it damaged power lines, rails and roads and paralyzed production across much of Eastern Europe. East Germany, the world's largest brown coal producer, was forced to import coal from the West. Later, flooding in the north and droughts in the south hurt several countries' harvests and forced expensive purchases of Western grain...
...Already Algeria and Libya have pushed their prices beyond the ceilings set by OPEC in June, and last week Nigeria jumped to $26.27 per bbl. Oil executives now gloomily forecast that the official OPEC ceiling could soon reach $28 to $30 per bbl., raising the U.S. energy import bill from some $65 billion this year to as much as $90 billion next year...
...same time, though, legislators last week took a step that spotlights Washington's weakness on energy policy. The Senate voted to give Congress the power to restrict any future presidential move to limit oil imports. Only last July, the legislators were applauding the President's statement that he would use quotas to ensure that the U.S. would never import more oil than...