Word: petroleum
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...million to U.S.C. for an endowed chair in petroleum engineering...
...Paris last week, for the first time since the Arab oil embargo, representatives of the countries that have quintupled petroleum prices faced delegates of the consuming nations that are paying those prices. Across the conference table it became immediately apparent that the oil producers have the upper hand diplomatically. The 18-nation meeting, called at the invitation of French President Valery Giscard d'Estaing, showed the depths of the differences rather than any path to resolving them. At week's end delegates could not even agree on an agenda for a larger conference this summer. The oil producers...
...committee also recommended abstentions on three resolutions on the Phillips Petroleum Corp. pertaining to political contributions...
...anyone who thinks railroads are a thing of the past should see what Europe and Japan are proving: high-speed, modernized rail service uses less petroleum per passenger, uses less acreage, and will help give us breathable air again. For intermediate distances it can be cheaper and quicker, quieter and more comfortable. But we need an Administration that really wants to see this come about...
ITALY only six months ago was in spectacular trouble. Because of the rapid run-up in world petroleum prices, the cost of imports was exceeding exports by $5.5 billion annually, inflation was running at 24.5%, and only emergency loans from the International Monetary Fund and the German government saved the nation from outright bankruptcy. Today demand is slackening and Italian inflation is fast diminishing: wholesale prices in February rose a mere 0.2%, v. 6.8% in the same month last year. But the price of whipping inflation has been high. Industrial production in January was down 15% from the year before...