Word: embargoed
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...policy remains consistent, if not automatic, in its basic support of Israel. But there has been a marked change in the public atmosphere and diplomatic stance. One cause for this is the Arab discovery of the use of oil as a weapon, which began with the Arab embargo during the 1973 Middle East war and culminated in the fourfold increase in the world oil price. The effect has been to make Israel's enemies vastly richer and more powerful, while severely taxing the economies?and therefore the loyalties?of its friends...
Most American Jews pitch their worries in lower tones. Political Scientist Hans Morgenthau, an early critic of U.S. Viet Nam policy, sees the possibility of a new Arab oil embargo and the U.S.'s forcing Israel to accept peace terms that fall short of guaranteeing its survival...
...cause is a sharp drop in the growth of world oil consumption since the cartel countries dictated their four fold price increase last year. A 7% de cline in West European oil imports since then has sent tanker charter rates plunging. Before the oil embargo started in October 1973, the cost of a spot charter (one or two trips) of a 220,000-ton super tanker for the 11,000-mile round trip from the Persian Gulf to Rotterdam reached a record $8.8 million. By mid-November, the rate had fallen to $2.6 million. Today a 220,000-ton tanker...
Washington lifted its decade-old arms embargo on Pakistan, paving the way for Islamabad to buy antitank and anti aircraft missiles, as well as multipurpose fighter-bombers, on a cash basis. In return, there is speculation that Pakistan may give the U.S. a naval base at the Arabian Sea port of Gwador...
...arms-embargo decision had been more or less expected ever since Pakistan Premier Zulfikar Ali Bhutto's visit to Washington last month. Essentially, the Administration's rationale for lifting an embargo that has applied to all countries of the subcontinent since 1965 was that 1) Pakistan, which was Henry Kissinger's bridge to a rapprochement with China in 1971, has proved itself a good friend to Washington; 2) India, in addition to manufacturing its own arms, receives sophisticated weaponry from the Soviet Union, giving it virtual military dominance over the subcontinent; and 3) Bhutto warned Washington that...