Word: faisal
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Whatever devices are created to put OPEC capital to work in the rest of the world, the Western countries should help the oil producers build up their own agriculture and industries Faisal notes, for example, that his rich country badly needs industrialization. To help prepare the producers for the day, however distant, when their oil runs out, the West should also join them in developing alternative forms of en ergy and should send technology and experts to OPEC countries. Fast development is inevitable in the oil countries, and it will help work off their surpluses by spurring their imports...
...Next to Faisal, the ruler who gained most from oil last year was not an Arab but the "Light of the Aryans," the Shah of Iran. His country, the world's second largest oil exporter, quadrupled its petroleum earnings, to $20.9 billion. Impatient to industrialize and militarize, the Shah pressed the construction of automobile and petrochemical factories, dams and hospitals, and ordered 70 F-4 Phantom jets and 800 British Chieftain tanks to bolster a mighty armed force. This swelling strength raised apprehensions among some Arab governments in the region and evoked new hostility?but also won new respect...
...nation's resources and build up trade debts that future generations will have to pay. In 1974 the rippling effects of rising oil prices contributed three or four percentage points to the U.S. inflation rate of 12%. The oil rise, which Yale Economist Richard Cooper called "King Faisal's tax," reduced Americans' purchasing power and consumption of goods as much as a 10% increase in personal income taxes would have done...
...crisis that has stalked the world since the Middle East's October war presents some internal problems for Saudia Arabia. No one appreciates those problems more than somber King Faisal ibn Abdul Aziz al Saud. Even as OPEC oil, of which Faisal's reserves constitute the largest share, rocks Western economies, the West's relentless thirst for petroleum is in turn forcing far-reaching modernization on Faisal's desert kingdom. Faisal has faced no greater quandary since he displaced his inept half brother Saud from the throne in 1964. At that time, hard...
...Saud dynasty's hold on Saudi Arabia has been precarious until recently. The family dominated the rudimentary kingdom for more than 150 years until 1891, when they were driven out by stronger tribes. In 1901, however, Faisal's father, crusty Abdul Aziz, popularly known as Ibn Saud, roared out of what is now Kuwait to recover power. Ibn Saud gradually regained the kingship in rolling battles that involved shifting tribal loyalties and, eventually, British intrigue. Finally, in 1925 a force of 45,000 Bedouins led by Faisal - then his father's fa vorite lieutenant - recaptured Mecca...