Word: petroleum
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There is more bustle in the South, particularly in Ho Chi Minh City (formerly Saigon). Motorcycles and motor scooters still crowd the streets, and there are such remaining signs of "bourgeois decadence" as beauty parlors and blue jeans. But the U.S. embassy building now houses Viet Nam's state petroleum agency; the enormous former U.S. AID compound is headquarters for Saigonese trade-union organizations. The notoriously sinful La Vie en Rose bar has been subdivided into small meeting halls. Night life in general has been thoroughly quelled by the rectitudinous Communists...
Industry's new energy stinginess is one of the few bright spots in the nation's struggle to adjust to a world of rising petroleum costs. Although oil imports were down 13% in the first half of 1978, that was only the temporary result of some special factors, including the start of the flow of Alaskan...
Many of the explanations for the dollar's dive were depressingly familiar: the continuing weakness of the nation's trade balance, lack of progress in Congress on an energy bill, persistent rumors that petroleum-exporting nations might be planning to stop pricing their oil in dollars and switch to a basket of stronger currencies. To that litany, businessmen, bankers and money traders added a couple of new elements: dismay at the lack of any sort of dollar-strengthening scheme to emerge from the economic summit in Bonn of the previous week, and a feeling that European leaders are making unexpected...
Across the Atlantic, a stock market flurry was touched off in London by reports that British Petroleum had discovered a potentially huge field. It is in a lightly explored region 30 miles west of the Shetland Islands, which are off the Scottish coast and far distant from Brit" ain's already rich North Sea fields. BP, which shares the site with Chevron, Imperial Chemical Industries and the British National Oil Corp., confirmed that it had hit oil but reported that it did not know how much...
...executive of the state-run British National Oil Corp. was convinced that there is a huge lode of oil in the Shetlands area, but agreed with other petroleum experts that it would take several years to develop the technology to exploit it. Reason: initial samples show it to be much heavier and more viscous than North Sea oil, and therefore more expensive to raise and refine...