Word: oil
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Dates: during 1970-1979
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Since Americans use much more oil than anyone else, they need to cut back the most. As the Senate last week approved the outlines of a windfall-profits tax on the oil industry, Jimmy Carter was considering a steep new federal tax on retail gasoline. His economists argue passionately for it, but his political advisers worry about a backlash at the polls in November. Illinois Congressman John Anderson, a dark horse Republican presidential candidate, submitted a bill calling for a tax of 50? per gal., with the revenues to be used to chop Social Security taxes approximately in half. That...
...ordinary inflation bites deepest among poor people, the petro-squeeze hurts the yearning, less developed countries (LDCS) most of all. They can afford the painful pinch of rocketing costs for energy and petroleum-based products such as fertilizers and other chemicals much less than affluent industrial nations can. Climbing oil costs consume precious foreign exchange, make it harder to buy farm equipment or factory machinery, and curb development spending on agriculture, industry, education and health...
Laments Mwai Kibaki, Kenya's Vice President: "Higher oil prices mean there is less for everything else." The LDCs will also suffer a decline in demand for their exports as the industrialized countries fall into recession...
...bear quite the same burden. While scarcely in the OPEC league, Argentina, Peru, Malaysia and some others can supply most energy needs from their own reserves. At the other extreme, countries such as Sudan, Chad and Bangladesh, among others, are so poor that the shortage of funds to buy oil is just one more lack on a long list of basic needs...
...Brazil, South Korea, Taiwan and Kenya, that are in the worst shape. They set out to emulate the industrial nations and eagerly replaced their oxen with tractors and generators. Now they are paying the price of a 1600% rise in OPEC prices since 1970; they cannot do without oil but cannot afford to buy it. Admits an official of the United Nations Food and Agriculture Organization: "The guy who was en lightened enough to follow our advice to buy machinery and fertilizer is in a bind, while the farmer who kept his water buffalo is in much better shape...