Word: petroleum
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Navy has turned its big guns against Ford's proposal to open the naval petroleum reserves in Alaska-which conservationists want to remain unspoiled by oil derricks and huge pipelines-and California. "The reserves," explains a Navy official, "are all that stand between us having our backs to the wall if there is another oil embargo." Similarly, the Governors and legislators of coastal states are opposing any increase in expanding federal leases on offshore oil deposits; they fear the effect of fouled beaches and waters on tourism and recreation. It is thus becoming increasingly evident that environmentalism has become...
...very poor who are suffering most from the quadrupled world price of oil. Called the "Fourth World" by World Bank President Robert McNamara, they comprise nearly one billion people in some 40 underdeveloped nations in Africa, Asia and Lathi America. For them, today's price of energy and key petroleum-based products?fertilizer, chemicals and drugs ?has meant a further reduction in an already pitifully low living standard...
...most profligate of energy users, Americans burn one-third of the world's oil-or more than 16 million bbl. a day. Much of that precious petroleum is wasted, guzzled up in two-ton cars that carry one person to the office, or burned up in poorly insulated houses that are overheated in winter, overcooled in summer and overlit year round. All the talk notwithstanding, Americans have not yet begun to conserve. As soon as last winter's oil embargo started leaking and the gasoline lines began shrinking, people quickly stepped on the gas and turned...
...almost no one noticed. Few even saw the reports in Iraqi newspapers that representatives from Venezuela, Saudi Arabia, Iran, Kuwait and Iraq had decided "to create an organization for regular consultation and for the coordination of oil policies." Yet from this modest and seemingly innocent beginning, the Organization of Petroleum Exporting Countries has become the toughest and most powerful cartel in history. OPEC has grown to 13 members,* and its ukase sets the export price for oil, thus exercising an unprecedented influence on the economies of almost all countries. Its recent success has inspired the countries that produce copper...
What has united these countries has been their determination to gain control of the petroleum reserves on their territory. They took the first step after seven international oil companies in 1959 unilaterally reduced by about 10% the price paid to the oil-possessing nations. A second step was not taken until 1970. Then the revolutionary Colonel Muammar Gaddafi grabbed control of Libya, confronted the oil companies and dramatically raised prices and taxes...