Word: petroleum
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Fuel Source. Pérez is keenly interested in a U.S. oil-extraction process that could allow Venezuela's big Orinoco tar pools to be developed as a fuel source. The problem is that Caracas nationalized the petroleum industry 18 months ago and now many firms are wary of risking more capital in Venezuela with its new, highly nationalistic investment rules. As for the question of preferential tariff treatment for Venezuela, eliminated by Congress for all OPEC members after the 1973 oil embargo. Carter promised to do all he could to get Congress to rectify the punitive measure...
...Soviet Union. According to one current study, whether the world starts running short of oil to power its machinery as early as 1981 or considerably later in the century depends primarily on how rapidly the Saudis choose to pump out their crude. And high prices for the petroleum have given the Saudis an enormous pile of cash-reserves rocketed from $0.7 billion in 1970 to $27.8 billion last April-that confers tremendous leverage in world finance...
...Amerada Hess, Arco, Sohio, Exxon, Mobil, Phillips. Union and British Petroleum...
...Congress in April, accompanied by the President's declaration that solving the nation's energy problems was "the moral equivalent of war." The American Institute of Architects faults the program for not counting items like sunshades as energy savers worthy of tax credits. The American Association of Petroleum Geologists claims that some of the bill's pricing proposals will inhibit drilling. The U.S. Chamber of Commerce is concerned about the entire program, saying that it would eliminate a million jobs, cause a 2% drop in the nation's output of goods and services, boost inflation...
...Losers. On balance, the Saudis and the Emirate allies appear to have been winning the price war. Despite winter storms that hindered tanker loadings at Saudi ports and heightened U.S. demand for imported petroleum, the lower Saudi and Emirate prices forced the increase in the average world price of oil to remain a couple of percentage points below the posted 10%. Now, as warm weather reduces heating-oil demand, the world oil market has softened somewhat, making price more important than ever. As a result, Saudi and Emirate sales have been soaring; Saudi output, averaging 10 million...