Word: shahs
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Next to Faisal, the ruler who gained most from oil last year was not an Arab but the "Light of the Aryans," the Shah of Iran. His country, the world's second largest oil exporter, quadrupled its petroleum earnings, to $20.9 billion. Impatient to industrialize and militarize, the Shah pressed the construction of automobile and petrochemical factories, dams and hospitals, and ordered 70 F-4 Phantom jets and 800 British Chieftain tanks to bolster a mighty armed force. This swelling strength raised apprehensions among some Arab governments in the region and evoked new hostility?but also won new respect...
...Shah's Index is the Shah of Iran's proposal to link oil prices to those of 20 or 30 commodities-a system he believes would protect the buying power of Iran's oil income and encourage Western users to "check their inflation...
...members of the Organization of the Petroleum Exporting Countries give those nations massive revenues to invest in the West. The new and powerful image of the oil oligarchs has prompted many menacing scenarios, including New York magazine's recent fantasy about a successful military conquest by the Shah of Iran...
There should be no doubt that the Shah, or any other OPEC member, ought to be allowed to invest in U.S. industry. To deny that right would be to negate a longtime U.S. principle governing investments abroad. Says Columbia University Professor of Law and International Organization Richard Gardner: "The U.S. for years has been preaching the doctrine that there should be broad freedom for international investment. Now that the shoe is on the other foot, it seems hypocritical to say that foreigners cannot invest here." Gardner's sentiment is shared by a large number of thoughtful U.S. business executives...
Small Token. Even without that side trip, Kissinger's journey was an exhausting one. Besides trying to restore momentum to Middle East negotiations, he had talked about oil prices with the Shah of Iran and King Faisal (see ECONOMY & BUSINESS) and had discussed East-West relations with Rumanian President Nicolae Ceausescu in Bucharest and aging Josip Broz Tito, now 82, in Belgrade, as well as with Leonid Brezhnev in Moscow. As a small token of the Soviet party chiefs hopes for a happy Vladivostok summit meeting with Gerald Ford later this month, the Russians last week allowed Lithuanian Sailor...