Word: petroleum
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Worse, analysts predict that falling petroleum prices may cost Egypt an additional $700 million in export revenues this year. Plummeting revenues have forced the government to cut back on the $7 billion that it spends in subsidies for basic goods such as bread and gasoline, and this has fed popular discontent...
...Soviet Union's disastrous agricultural program, which Gorbachev headed during part of Brezhnev's years, is now being scrutinized and reorganized. Another serious problem facing the country is oil. Petroleum output, which provides more than two-thirds of foreign currency earnings, had begun to decline even before the petroleum glut, and lower market prices will further diminish income. Said Jan Vanous, a Washington-based analyst of the Soviet economy: "The decline in oil prices represents the most serious external challenge to the Soviet Union since World...
...risk of inflation has been sharply reduced, however, by the huge drop in petroleum prices. Last week the price for next-month delivery of West Texas Intermediate, a benchmark crude, closed at $16.01 per bbl., compared with $31.72 in November. Rimmer de Vries, chief international economist for Morgan Guaranty Trust, expects prices to average about $18 this year and next...
What brought on the oil windfall is a global production binge. The Organization of Petroleum Exporting Countries is pumping about 17.5 million bbl. a day, 2.5 million bbl. more than the industrial world can use. The glut showed up in earnest late last year after Saudi Arabia nearly doubled its output in order to regain the market share it had lost to rival producers...
...will be successful. The Contra army of terrified peasants and ex-Somocista national guardsmen has created economic havoc for the Sandinistas but are far from causing their removal. For the last six years under the auspices of the CIA and the Argentine military, Contras have bombed ports, bridges, and petroleum tanks. But in spite of these measures, they have not captured a single town in the country. Their two-year-old front along Nicaragua's Southern border has collapsed, and most of the 15,000 guerillas have scattered in retreat...