Word: petroleum
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...Congress barred Venezuela and Ecuador from receiving preferential tariffs because of their membership in the Organization of Petroleum Exporting Countries. By so doing, Kissinger feels, Congress hindered his attempt to shore up U.S. relations with Latin America...
...oilfields. The companies complain that when the Labor government first granted them concessions in the late 1960s, a takeover was not part of the deal. Worried about all those problems, bankers have been reluctant to grant new loans for North Sea operations, and Amoco, Conoco, Occidental and Phillips Petroleum have lately scaled down drilling additional wells...
...reason: the treasure is deep. Oilmen must drop their rigging 400 to 600 ft. beneath turbulent waves then drill another 8,000 to 12,000 ft. beneath the sea floor (see diagram). And North Sea weather is worse than bleak. Last month a crew member on a British Petroleum rig was swept into the sea in an icy storm; his death was the 43rd since drilling began...
...Retail prices in the U.S. have held at around $1.25 per Ib. because of increases in packaging and distribution costs.) Chief proponents of the partial embargo are Mexico and the Central American countries, whose coffee income has been hit by declining demand and steep rises in the cost of petroleum-based fertilizer...
...rapid rise in petroleum prices has had a double impact on the arms trade. First, the oil-exporting countries have reaped mountains of cash that allows them to procure almost any weapon they desire for themselves or for their allies and clients. Saudi Arabia and Kuwait, for example, have bankrolled costly arms purchases by Syria, Egypt and Jordan. Second, Western industrial nations are finding that arms transfers are a major help in balancing the payments deficits incurred by the high cost of imported oil. Indeed, a jet fighter can earn as much foreign currency as the sale...