Word: offing
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Dates: during 1970-1979
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It is the energy-deficient advanced developing countries, such as Brazil, South Korea, Taiwan and Kenya, that are in the worst shape. They set out to emulate the industrial nations and eagerly replaced their oxen with tractors and generators. Now they are paying the price of a 1600% rise in...
The 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...
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Cutting back on consumption is not enough. Tanzania uses roughly half as much petroleum as in 1972, but its oil bill has risen 900%, and now eats up half of all earnings from the country's exports. Complains Rodrigo Carazo, President of Costa Rica: "Our 1972 oil needs cost...
Just as a homeowner struggling with heating bills may turn to his bank for help, the have-not nations are hefty borrowers. Their loans from Western banks and international aid authorities have surged to a dangerously high $300 billion, and are expected to rise some $60 billion next year. The...