Word: leapfrog
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Dates: during 1971-1971
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...Libyan Leapfrog. The current quarrel started last summer when the revolutionary Libyan regime of Colonel Muammar Gaddafi set out to pump better terms out of the producing companies. Libya has a strong bargaining position. Its chief port of Tripoli is located only 600 miles from Rome. Most other Middle East oil must be shipped over a long and costly route to Europe. Libya demanded a 30? increase in the posted price of its oil-the price used to calculate the tax paid by companies. That would bring it to $2.53 a barrel. Gaddafi also insisted that the traditional...