Word: petroleum
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...right-wing government showing some signs of loosening up, Chile under the heel of a regime that replaced Allende (whom the CIA is widely accused of helping to overthrow) and Venezuela angry about a new U.S. law that denies preferential trade treatment to members of the Organization of Petroleum Exporting Countries. Among other recent problems: Ecuador has renewed its sniping at U.S. tuna fishermen, and Colombia and Venezuela restored relations with Cuba despite U.S. opposition...
...Prince Fahd, whose views are much better known than those of King Khalid, favors economic cooperation with the U.S. and represents his country on a joint U.S.-Saudi commission set up last year to plan economic and technical cooperation. Fahd also serves as acting chairman of the Saudis' Petroleum Council, which drafts oil and oil-revenue policy for the King's consideration. (In this capacity he is said to have developed a cordial dislike for able Oil Minister Yamani.) For several months, the Saudis have been negotiating a complete takeover of Aramco, the giant petroleum-producing company...
Ever since the Organization of Petroleum Exporting Countries quintupled the price of oil, economists and bankers have expected the U.S. balance of payments deficit to grow steadily worse. And it has. Higher petroleum prices have drained increasingly large sums from the U.S. and produced ever bigger payments deficits since early last year All the same, last week's report of a record deficit in the final quarter of 1974 was a shocker. It dramatized the extent of the financial hemorrhaging that has hit the U.S. since OPEC boosted prices...
...There were several reasons: U S direct investment abroad rose because restrictions on them were dropped and foreign purchases of U.S. stocks fell because of the bear market. But, worst of all, the Commerce Department's statistics underscored the fact that the nation's bill for petroleum imports soared by $18 billion last year. This more than offset exports of soybeans, jet planes computers and myriad other products' and led to a merchandise trade deficit of $5.88 billion...
Simon's difficulties have been increased by some faulty predictions and policy misjudgments. He returned from a Middle East trip last summer predicting that an oil auction by Saudi Arabia would break petroleum prices; high Saudi officials had told Simon that those events would take place and he believed them. At home Simon preached "the oldtime religion" of tight money and budget cutting to fight inflation. Last summer he opposed any substantial easing of the Federal Reserve's strangling credit squeeze and listed for President Ford possible spending cuts totaling $20 billion or more (Simon said they were...