Word: petroleum
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...with the rich has survived, even though the OPEC price hike did more harm to the economies of underdeveloped nations than to those of the West. Most First World countries ultimately succeeded in boosting exports of their manufactured goods and technology enough to offset the higher import costs of petroleum. Developing countries, on the other hand, have had to spend so much of their foreign currency reserves on costlier oil or petroleum products that many have had to cut back sharply on development plans requiring capital equipment imported from the West. By joining in the chorus that blames the First...
...synthetics would be similarly foolish, for it would impede technical progress. The poor may even be disappointed by the results achieved by new cartels. Unlike petroleum, other raw materials face tough competition from substitutes, synthetics and recycling. If bauxite becomes too costly, other materials can be used to replace aluminum; containers, for example, may be made from tin or glass instead. Moreover, as a cartel drives up the price of a commodity, at some point it becomes
Nigeria. The government at present owns 55% of the oil operations of Gulf, Mobil, Texaco and a Shell-British Petroleum joint venture. And as recently as August, it disclaimed any attempt to grab for more. Nonetheless, some oilmen expect an effort at complete nationalization soon...
...drive to nationalize their oil industries. Last week the campaign passed a milestone: Kuwait became the first Arab country to achieve 100% ownership of its producing company. For $50.5 million the government bought the remaining 40% of Kuwait Oil Co. that had been owned by Gulf Oil and British Petroleum. Although the settlement followed months of acrimonious negotiations presided over by Oil Minister Abdel Muttaleb al Kazimi, it scarcely came as a surprise: the government had announced plans in March to complete its takeover. Nonetheless, the deal underscores the progress that producing countries are making in wresting control of drilling...
United Arab Emirates. Abu Dhabi, the leading producer, has been negotiating sporadically to raise from 60% to 100% the emirates' ownership of local production, but it has indicated that it plans to leave the current 60%-40% arrangement intact through 1976. Says U.A.E. Petroleum Minister Mani Said Utaiba: "We feel we shouldn't rush things...