Word: petroleum
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...present recession does nothing else, it should drive home to the U.S. the unsettling realization that the nation no longer enjoys a wide range of economic options. The quintupled price of petroleum forced upon the industrialized world by the Arab producers imposes tight new limitations on U.S. action. As economic activity picks up in the U.S., it will be compelled to import more oil. That could drive upward the U.S. deficit in its balance of payments, which, in turn, might force the Government to lessen the pace of the recovery. Unless the U.S. summons up a high degree of self...
...fought for reforms because our tax provisions should encourage domestic exploration, not foreign drilling. The small, independent producers drill 85% of the new exploratory wells in this country. Consumer interests are well served by tax policies that allow these smaller firms to provide badly needed competition in the petroleum industry...
...gathering brought together representatives of four members of the Organization of Petroleum Exporting Countries, three developing oil consumers (Brazil, India and Zaire) and eleven industrialized oil importers (Japan; the nine-nation Common Market, speaking through a single delegate; and the U.S.). They were supposed to prepare an agenda for a larger conference later this year, but the parties were unable to agree on the topics...
...conference closed, delegates promised to keep in touch. But the outlook for a full-dress global meeting-or any sort of oil amity-is dim. At week's end while visiting Washington, Saudia Arabia's petroleum minister, Ahmed Zaki Yamani, warned Americans that in the event of a new war in the Middle East, or even some vaguely defined "situation like war," the Arabs would not hesitate to impose another oil embargo on the U.S. and to extend it to Japan and Western Europe if they dared to share their supplies with...
...conference opened, U.S. Assistant Secretary of State Thomas Enders struck a discordant note. In an interview on British television, he declared that the U.S. aim is "to get enough market power to hasten OPEC'S demise," referring to the producers' cartel, the 13-nation Organization of Petroleum Exporting Countries. Though that U.S. attitude is scarcely a surprise, it was undiplomatic of Enders to voice it so bluntly; Under Secretary of State Charles W. Robinson, chief of the U.S. delegation, disavowed the remarks in a background briefing for American correspondents...