Word: petroleum
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...energy crisis. Shortages of oil gave way to a worldwide glut, and prices stabilized. But consuming countries failed to use the lull to start any significant oil-conservation programs, or to develop alternative sources of energy rapidly enough. Indeed, they have grown even more dependent on the Organization of Petroleum Exporting Countries; the U.S., for example, now imports about 40% of its oil, v. 29% before the time of the Arab embargo in 1973. Now, the consuming countries are about to pay the OPEC piper for their neglect. In mid-December, oil ministers of OPEC'S 13 member nations...
Reasons for Optimism. Despite all the doomsday talk, there were some compelling reasons for optimism. British Petroleum, the oil giant that is 48% government-owned, announced that unexpectedly good geological conditions in the North Sea's largest field have enabled the company to increase its production schedule by 25%. At the same time, a survey released by DeGolyer & MacNaughton, an oil consulting firm, forecast a 12% increase in yield from another large North Sea field that is being developed by Occidental Petroleum...
...Richard Nixon signed the Merchant Marine Act, which provided federal subsidies for the construction of 300 new ships in U.S. yards within the next ten years. In 1974 the unions scored an even greater coup; they persuaded Congress to pass a bill that would require 30% of all U.S. petroleum imports to be carried in U.S. tankers by 1977. The bill was an especially important piece of revenge for the unions: they deeply resent the big U.S. oil companies for having placed their supertankers under foreign registry and hired non-U.S. crewmen...
Chills. Shuddery anticipation, as Jeff Bridges, playing the Princeton paleontologist who is but the first of millions who will soon believe that Kong lives, speaks this line in the wardroom of an oil-company ship. The vessel is exploring the ocean's remoter reaches in search of a petroleum strike that the expedition's comically cynical leader (Charles Grodin) is convinced will turn the energy crisis around...
...cars with plastique explosives. One of the hit team's victims turned out to be a coordinator of activities among Black September, the I.R.A. and Basque separatists. His replacement: the mysterious terrorist known as "Carlos," who in 1975 engineered the kidnaping of representatives of the Organization of the Petroleum Exporting Countries. The book provides the factual grist for a gross of paperback thrillers...