Word: embargoed
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...Questions. Egypt and Saudi Arabia wanted the embargo ended unconditionally, but Algeria argued for a more cautious approach. Still, the final decision, conditional as it was, represented a major softening of the Arabs' demands. They had once vowed to keep the embargo in effect until Israel agreed to withdraw its forces from all occupied Arab territory, including Jerusalem...
...main reason for their silence is that the Arabs now face a tough choice between increased output and higher prices; they cannot have both. U.S. Energy Chief William Simon estimates that during the embargo period world daily demand for oil fell 5 million bbl. below prewar forecasts, to 46.4 million...
...long as the dominant issue was the Soviet threat to peace. But first detente and then the oil crisis have exposed the fallacy of that assumption. The Middle East is the strongest case in point. Europe is dependent on the Arabs for 80% of its oil; before the embargo, the U.S. imported only 11% from the Middle East. As a Bonn official puts it: "For the U.S., the Middle East is one conflict among others, all of which are equally far away from Washington. But for Europe, the Middle East conflict is on its doorstep and a direct threat...
Morbid Epidemic. The reasons are clear enough: prices were rising at a compound annual rate of 16.8% in February, much faster than most families' incomes; spot shortages and high prices of gasoline continue to bedevil shoppers despite last week's lifting of the Arab oil embargo; and Watergate has produced a morbid epidemic of doubt about the country's future. "Inflation is no longer the sole reason for pessimistic expectations," says University of Michigan Economist Jay Schmiedeskamp. "At least half of the gloom comes from Watergate and the energy crisis. The Government plays a large role...
...consumer austerity could go out of fashion very suddenly, especially if gasoline flows as freely as expected with the Arab embargo off. On the other hand, high gasoline prices will continue to inhibit driving, and most economists do not expect inflation and unemployment to abate much until late in the year. So the unseasonable chill on retail sales could last well into the hot-weather months...