Word: petroleum
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...made the first radical change in the principle of open seas. President Harry S. Truman, worried by World War II's drain on domestic petroleum reserves, declared in 1945 that the nation owned the resources on and under its continental shelf, which extends as much as 700 miles out to sea (off Alaska). He did not claim either the fish in the water or any rights over ship transit. But a few other nations, starting with Chile in 1947, drew no such distinctions and declared that they owned the waters extending for various distances from their coasts. Today, while...
Acting in concert, oil-exporting countries have raised petroleum prices 480% since 1970. Reacting individually, oil importers have had no alternative but to pay-and eventually they may be un able to do even that. In a lucid and frightening analysis in the July issue of Foreign Affairs, Oil Economist Walter Levy contends that the importers must choose, in the words of his title, "World Oil Cooperation or International Chaos...
...presidents, Stamas muses that oil companies might be able to manage quite well without an oil depletion allowance today had prices been hiked gradually in the past. A Rhodes scholar and Harvard Ph.D. in economics, Stamas joined Exxon in 1960 as a financial analyst, rose to head its international petroleum planning division before a six-month tour of duty in the U.S. Commerce Department. Before joining the public-affairs department in 1971, Stamas spent nearly a year as chief economist working on oil-import policy at Exxon...
...both of which the Soviets have been reluctant to supply-and for mutual help in finding trade offices and homes for businessmen. Soviet-American trade has already risen dramatically (from $200 million in 1971 to $1.4 billion in 1973), and only last week, coincident with the summit, the Occidental Petroleum Corp. signed a series of 20-year contracts with the Soviets for a giant swap of chemicals. Though money would not change hands, the value of the barter deal at current prices would be about $20 billion...
...reductions while actually raising prices, favored a slightly smaller hike, "to show the industrialized nations that we are serious when we say that they must keep inflation in check." Saudi Oil Minister Ahmed Zaki Yamani reportedly threatened to force prices down by dumping millions of barrels of cut-price petroleum on the market. In order to keep the cartel together, the delegates settled on a compromise that will hold posted prices steady but raise by 2% the royalties that they collect on each barrel from the companies. That works out to a mere 5? per bbl., or roughly one-eighth...