DailyTimeCapsule brief
February 24, 1998
On February 24, 1998, President Bill Clinton remained in good graces with the American public despite ongoing scrutiny over his administration's controversies, notably the scandal involving intern Monica Lewinsky. His approval ratings reflected a resilience that upheld his political capital during a period of intense media scrutiny. Meanwhile, international concerns regarding Iraq were addressed through a new accord that contributed to a significant drop in oil prices, bringing them down to levels not seen since 1994. This development was welcome news for economies dependent on affordable energy, especially in the United States. Additionally, Canada moved forward with a significant power deal, further integrating energy resources across borders amidst growing economic interdependence between the two nations.
Key developments
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In early 1998, a New York Times/CBS News poll revealed that a significant portion of Americans believed President Bill Clinton had an affair with Monica S. Lewinsky, a former intern at the White House. Despite this widespread belief, public opinion showed a level of empathy toward Clinton, with many considering his denial of the affair as understandable in the context of political pressures. The findings highlighted a complex view among Americans, who expressed disappointment in the situation while still supporting the president's leadership.
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In October 1995, a significant agreement was reached between Iraq and the United Nations, permitting inspections of weapons sites to ensure compliance with international regulations. This diplomatic breakthrough alleviated fears of imminent military action by the United States, which had raised concerns over the potential disruption of oil supplies. As a result, crude oil futures experienced a sharp decline, dropping by 87 cents and reaching levels not seen since 1994, reflecting the markets' relief and renewed confidence in oil flow stability.
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TransCanada Power Services Ltd has committed to an investment of $83.7 million to enhance its energy portfolio in northern Ontario. The deal involves acquiring a new power plant, along with plans to expand the capacity of two existing facilities in the region. This strategic move signifies the company's attempt to bolster its presence in the renewable energy market while meeting growing power demands.
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