Word: petroleum
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...subject of this week's cover story, TIME correspondents and writers had to report, evaluate and coordinate the outcomes of two important summit meetings in cities 6,000 miles apart. In Tokyo, correspondents from three news bureaus were on hand when leaders of the U.S. and six other petroleum-importing countries met to forge a common strategy on the oil problem. Washington Correspondents Johanna McGeary, Gregory H. Wierzynski and George Taber followed President Carter throughout the talks and on an odyssey that included state visits to Japanese and Korean leaders. Hong Kong Correspondent Ross H. Munro and members...
...backyard barbecue?if the sporadic strikes by independent truckers protesting the scarcity and soaring price of diesel fuel do not cause new shortages at the supermarkets. Gas lines in Eastern cities are getting longer, despite the spread of odd-even sales restrictions, and the Tokyo agreement to limit petroleum imports obviously will do nothing to shorten them, since it is a scarcity of imported crude to refine that caused the lines in the first place...
...situation varies. Inflation has been speeding up throughout Europe and Japan and will be accelerated further by the oil increase. But in the other six summit countries, unlike the U.S., economic growth has been showing signs of revival this year. Now output and employment will inevitably slow as petroleum prices soar. How bad will the recession that has apparently begun in the U.S. become? That depends heavily on whether OPEC can somehow be persuaded to stop the price spiral at its present point...
...industrial countries freeze oil imports through 1985 at last year's level. Unfair, protested Carter's aides. By drawing on increasing output from North Sea wells (expected to nearly double from last year to 1985), the Europeans could freeze imports from outside the Community and still burn more petroleum than ever. In the U.S., where domestic oil output has been declining (down about 700,000 bbl. a day since 1972), a freeze on imports would cause more hardship. Japan, which is totally dependent on imported oil, took the same view; Prime Minister Masayoshi Ohira reportedly dismissed the European plan...
...Japan, West Germany and the U.S.?will convene Thursday in Tokyo's ornate Akasaka Palace to consider what they might do. The meeting, fifth in a series of annual summits devoted to economics, was scheduled before the latest oil crisis broke, but it will be so dominated by petroleum worries that it is being called the energy summit. For Jimmy Carter, the meeting will be especially critical; American voters are far more irate about the gasoline shortage than they are pleased by any diplomatic triumph the President might claim in negotiating a SALT II treaty...