Word: petroleum
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...Funny. Whitehall officials have often joked that Britain might some day become a member of the Arab-dominated Organization of Petroleum Exporting Countries (OPEC) and that some London civil servants might exchange their bowlers for Arab burnooses. Last week, at Rome's baroque Palazzo Barberini, Wilson in all seriousness argued before his Common Market colleagues that "it is no longer a humorous matter to point out that in a few years there is a strong possibility that Britain could become a member of OPEC...
...across the Gulf of Suez, Egypt's Red Sea hills barely visible to the west. The town is just 30 miles south of the spot where, according to local tradition, Moses struck the rock and made water gush forth. Instead of striking a rock, Egyptian Minister of Petroleum Ahmed Ezzedin Hilal turned a valve and a jet of black crude spurted across the sand. "God be praised," Hilal said. "I cannot express in words the happiness I feel...
...multiply again. Quinine, used to treat malaria, is in short supply in some areas; India has not encouraged cultivation of the Cinchona trees from whose bark the drug is obtained (the malaria parasite is showing a rising resistance to the drug chloroquine, a synthetic substitute for quinine). Furthermore, rising petroleum prices have sent the costs of insecticides soaring, placing another burden on the shaky economics of the region. DDT, which cost India about $500 per ton in 1974, now costs...
After a rocketing rise over the past two years, the prices of gasoline, heating oil and other petroleum products appear likely to drop, substantially though temporarily, by federal order. Last week a House-Senate conference committee approved-and the Ford Administration seemed about to accept-a comprehensive energy bill that would force an immediate 12% rollback in the price of U.S.-produced oil. That, committee members say, would be enough to bring down the retail price of gasoline, which currently averages about 60? per gal., by 3½?. Under the bill, price controls on oil would then be lifted gradually...
...which the world's major economies have been moving in concert on a wild roller-coaster course. First, in 1972, all the leading economies swung into a boom at the same time-a boom that, combined with poor harvests and price gouging later by the Organization of Petroleum Exporting Countries, aggravated global inflation. By early 1974, price increases in the OECD nations reached an unsustainable compound annual rate of 16.8%. Then, as one government after another moved to curb inflation by dampening demand, all the key economies rapidly tumbled into recession...