OPEC

OPEC's an acronym standing for "Organization of Petroleum Exporting Countries." A multinational corporation consisting of thirteen member states (many of whom are in the Middle East), it greatly influences the price of oil across world markets.

We tried to think of being punny with this definition, but we thought that idea would be too crude. (Hey-o…)

Camp David

Camp David is the nickname for the President's country house in Maryland. The place is a nice escape from hectic Washington DC, but the name is a little off, considering that it's not a camp and nobody named David lives there…

Watergate

Although it's synonymous with the idea of "scandal," the term Watergate is actually a hotel, and refers to President Richard Nixon's involvement with a break-in to the Democratic National Committee headquarters located at that hotel in 1972.

A word of advice: if you're thinking about staying at that hotel, check for bugs…

Tokyo Economic Summit

A meeting of world powers in Tokyo, Japan in June of 1979, the countries gathered together to discuss a variety of issues, from quotas limiting the amount of foreign oil a nation could import to solutions for the refugee crisis in Vietnam. (Source)

Windfall Profits Tax

A tax imposed on any sudden increase in a company's profits, the move is designed to limit the amount of money a company (usually an oil company) can make off of a product. (Source)

To put it another way, imagine a really polite bully: he might take some of your lunch money, but he'll only do it on the days when you have extra cash lying around…

Shale Oil, or Shale

Shale oil refers to the type of oil formed when shale rocks are heated in a fancy process called pyrolysis. (Source)

In other words, when this rock is hot, oil rolls. Can you smell what this rock is cooking?

Inflation

The rise in prices caused by a decline in a country's currency. When a balloon is overinflated, it pops. When a country's currency is overinflated, well, let's just say it's not good either…

Recession

A decline in a country's economy, officially marked by a fall in GDP for two consecutive quarters. Recede literally means to diminish or move away, so in the case of both hairlines and economies, this is not a good thing.