Word: embargoed
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Since surprise would be impossible in such an operation, the U.S. would rely instead on muscle. A slow voyage up the Persian Gulf would at least give Arab nations a chance to reconsider the embargo and possibly lift it. If they failed to do so, the two-pronged force would strike...
...cause was the new U.S. Foreign Trade Act. The act eliminates tariffs on about $750 million worth of Latin American goods, but excludes members of the Organization of Petroleum Exporting Countries from these benefits. OPEC members Venezuela and Ecuador are directly affected, though neither supported the Arab-led oil embargo...
...clause concerning OPEC members from the first but was overridden by Congress. Then the Administration persuaded Senator Lloyd Bentsen of Texas to introduce an amendment to the act that would grant nondiscriminatory trade treatment to those oil exporters that had not participated in last year's oil embargo...
...first time in five months to a week's close at 703.69. That was an impressive 22% above the dismal twelve-year low of 577.6 that the Dow reached early in December, and it stirred some hopes that the big bad bear market that began with the oil embargo of October 1973 might at last be over...
...cars during the second ten days of the month. Dealers claim that volume has climbed substantially since then. Tom Shanley, an American Motors executive responsible for sales in six Southern states, says that his dealers "have had the greatest increase in floor traffic since the end of the oil embargo last year...