Word: petroleum
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Dates: during 1970-1979
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...assurance to Third World countries that the U.S. is indeed sensitive to the problems and aspirations of nonwestern nations. Such a move would also improve America's standing among the Arab nations, all of which recognize the PLO. Refusing even to listen to the Palestinians can only aggravate the petroleum exporting countries...
...long-playing saga of the declining dollar has demonstrated -that a weakening currency fosters a vicious circle. The dollar's decline not only causes more inflation in the U.S. but also gives OPEC an excuse to push petroleum costs still higher, because oil prices are set in dollars. As the latest run on the dollar continued to lose momentum, officials in Bonn and Washington recalled that in the battle of the buck the next round of speculation has always come more quickly and been more ferocious than the last...
Shedding the xenophobia that raged during the Cultural Revolution, Peking is looking to the non-Communist world for the scientific know-how once provided by the U.S.S.R. American oilmen are aiding in a search for petroleum off the South China coast. The Chinese are talking of enlisting U.S. experts for tapping the energy resources of great rivers like the Yangtze (at present China uses only 2% of its hydroelectric potential). Peking also wants to make direct purchases, especially of computer hardware...
...lasers. One intriguing project: a six-beam experimental laser device to produce power from thermonuclear fusion. Blessed with an abundance of the elements called rare earths, the Chinese are also becoming increasingly skilled at extracting them and putting them to work in many ways, for example, as catalysts in petroleum refining. The visiting American specialists found one area where the U.S. could learn from the Chinese: the production of oil from shale...
...cartel has increased prices by 61%. Now Nigeria, Algeria and Libya appear to be preparing to raise their price of oil by as much as $5 per bbl. If they do, the $23.50 "ceiling" that OPEC set only last June will be shattered, and the cost of all petroleum products, including heating oil, will move up yet another notch...