Word: importance
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Dates: during 1970-1979
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...Administration to curb the American appetite for energy. Most of the lecturing will come from the European Community countries, who can boast that they are successfully shaving their own reliance on OPEC oil by nearly one-tenth. Another irritant is the Administration's recent decision to subsidize the import of such middle-distillate petroleum products as diesel fuel and heating oil,* which the Europeans see as a hasty overreaction that sets a dangerous precedent. Said one U.S. official: "I haven't seen the Europeans so mad since we cut off their soybean supplies...
...Canada, Japan, West Germany, France, Britain and Italy * To replenish low U.S. stockpiles, in May the Carter Administration announced a "temporary" subsidy of $5 per bbl. for companies that import these products...
...nation is critically short of food, cannot import enough by rail, and needs additional supplies that can best be trucked in from South Africa through Zimbabwe-Rhodesia...
...government has eliminated a multitude of licenses and permits, cut back price controls, reduced import duties and trimmed taxes on business profits and agricultural exports. Private managers have been put in charge of money-losing state corporations, and the government has reduced the free and subsidized rice and flour distributions that ate up more than 30% of the previous regime's annual budget. Foreign investment is now running at about $40 million a year, 13 times the level seen in the last year of the former government. Sri Lanka, in short, is experiencing creeping capitalism. Says Jayawardene, a lawyer...
...nation's export earnings. The result was a disaster. The plantations became run down as reinvestment was cut back, periodic replanting was stopped, and fertilizers were not applied. Production of Sri Lanka's three major exports (tea, rubber and coconut) plunged. Foreign investment dropped, and price and import controls created such shortages that city dwellers lined up to buy the simplest necessities...