Word: embargoed
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...lifting of the Arab embargo on oil sales to the U.S. had been coming so long that when it was finally announced last week most of the emotional impact had been spent. Not so the economic impact. Within a day of the official announcement, President Nixon proclaimed the end of gasless Sundays in the U.S. General Motors canceled layoffs of 27,000 workers that had been scheduled to begin this week, in the hope that greater availability of gasoline would halt the deep slump in car sales. Gulf Oil slashed prices of jet fuel, kerosene and heating oils between...
...expectation that renewed Arab exports would increase U.S. petroleum supplies by as much as 1.6 million bbl. per day by May, enough to close most of the current energy gap. Yet deep uncertainties remain about the course of Arab oil production and world crude prices. The Arabs lifted the embargo in recognition of U.S. efforts to arrange a Middle East settlement. But there remains a threat that the Arabs could close the spigot again in June if they judged that the U.S. had not pushed hard enough to secure, among other things, an Israeli pullback in the Golan Heights...
President Nixon, who had warned the Arabs not to attach any "conditions" to the lifting of the five-month-old embargo, chose not to regard the decision to review as being a condition. That was a wise diplomatic attitude; without such a string attached, it is unlikely that the divided Arab* could ever have agreed on a plan for resuming exports to the U.S. As it was, Syria and Libya refused to join in the decision, taken in Vienna at a meeting of the Organization of Arab Petroleum Exporting Countries...
...gallon of gasoline today costs 29% more than it did a year ago, and a gallon of heating oil 64% more. Despite the imminent lifting of the Arab embargo, the prices are certain to stay high; gasoline prices might even go a bit higher. The Federal Energy Office's officials believe that the increases will alleviate the energy shortage in two ways. They give U.S. oil companies a greater incentive to explore for more oil and gas at home; and they encourage American consumers to conserve energy...
...Shultz, who persuaded him to come to Washington 15 months ago as No. 2 man at Treasury. Simon still nominally holds that post even while running the Federal Energy Office-a job that stands to lose some of its urgency and importance with the lifting of the Arab oil embargo. Should Simon indeed go to the top at Treasury, the next energy chief could well be Dunlop, whose Cost of Living Council is soon to be pruned back severely...