Word: mideast
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...could use an alternative source of supply. Canadian labor strikes in the past have caused highly inflationary shortages of nickel, for example, and the attitude of Chile's Marxist government threatens the stability of world copper production. Western nations also worry about the prospect of a shutdown of Mideast oil wells by Arab governments seeking more revenue. In newly stable Indonesia, the problems are merely finding the materials and bringing them to market...
...world would surely lead to disaster in another, because for Kissinger all the great troublespots of the world were lined up on a single continuum that connected the two superpowers: the Soviet Union and the United States. Should the Russians violate the cease-fire lines in the Mideast, then the President must be free to respond in Cambodia. And if the policy made no sense in cost-benefit analysis, at least it would proceed from strategic thinking which transcended the day-to-day pressures of political life...
...MIDEAST. In Israel's Golan Heights, captured from Syria in the 1967 war, Muskie answered a kibbutznik's question about that disputed territory by saying: "If I were in your shoes. I would hold on." Was that a pro-Israeli statement? Did that not differ from U.S. policy? In fact, Muskie was impulsively expressing sympathy for the plight of those Israelis. Diplomatic blunder? Yes. Indecisiveness...
...Canada's Mackenzie River valley (TIME, March 29). This would encourage exploitation of Canadian oilfields that lie along the route. As a quid pro quo, the U.S. would have to make some guarantee to divert Venezuelan or domestically produced oil to Eastern Canada if Arab nations shut off Mideast oil. Eastern Canada is not connected by pipeline to the oilfields in the Canadian West and the Arctic, but buys Mideast crude because it is cheaper...
...long run, however, the U.S. will have to accept somewhat higher costs for energy. The recent Mideast and Venezuelan oil-price boosts indicate that foreign petroleum bargains will not last forever. Domestic oil prices, while high by world standards, still make it profitable to extract only about a third of the oil from each U.S. producing well; the rest is too difficult to reach at prevailing prices. If the uncertainty of foreign supply eventually makes it necessary to draw more oil from U.S. wells, higher prices or tax incentives would be needed to develop the necessary technology. As for natural...