Word: embargoed
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...which for decades controlled both the price and the quantities of oil that moved in world markets. Instead of dictating terms to their suppliers, the companies now find themselves reduced almost to the role of bystanders. The turn-around in oil trade began shortly after the 1973-74 oil embargo. The Europeans and Japanese, growing uneasy about leaving their energy supplies dependent upon the Seven Sisters, began scouring the world for government-to-government oil deals. These permitted their national petroleum companies to buy directly from the producing countries rather than through Exxon or Texaco, for example. France now buys...
Thirty-four small companies have formed the Olympic Boycott Recovery coalition to demand Government relief for losses resulting from the Carter boycott. Executive Director Daniel Johnson claims that the embargo will cost his members $5.4 million in unrecoverable costs and $10 million in lost sales...
...major penetration of the Soviet market, which Pepsi-Cola so far has cornered. The company had already sent Moscow large supplies of the concentrated Coke syrup. But last week Chairman J. Paul Austin told his old friend and fellow Georgian Jimmy Carter that the company would abide by the embargo...
Some Congressmen have urged the White House to impose stronger economic sanctions against Iran. Washington is reluctant to do so because few of America's allies would go along with an embargo, and such a move would push Banisadr closer to Moscow.* As he has made abundantly clear, Iran's new President is no friend of America's, but he remains the best hope for a stable, non-aligned government in a country that the U.S. can ill afford to let fall into the Soviet orbit...
...White House seemed just as surprised to learn that Argentina had enormous grain reserves ready for sale to the U.S.S.R., a fact known by any grain trader in Chicago. The U.S. then sent a special emissary to Argentina to ask Strongman Jorge Videla to cooperate in the U.S. embargo, but Videla, who had been pilloried by the State Department's human rights pronouncements, refused. The Soviets will be able to make up about 60% of the lost U.S. shipments. Concedes a senior State Department official: "The grain embargo has become symbolic...