Word: suez
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...problem is a classic case of too big a supply for too small a demand. During the Suez crisis, oil producers outside the Middle East expanded by leaps and bounds to supply Europe with oil. When Suez was over, they failed to cut back rapidly enough, were caught with overproduction in the face of markets that did not grow as fast as expected. In Europe, the Middle East's biggest oil market, oil consumption will climb only 4% or 5% this year instead of the forecast 6½%. At home, the U.S. recession will cut the increase...
Aside from overproduction, the industry has also compounded its problem by continued overpricing. The general advance in oil prices that accompanied Suez has still not been adjusted downward to normal markets. Though refiners have cut some petroleum products (e.g., gasoline, kerosene), they are in no position to cut prices enough to spur consumption so long as basic crude prices remain high. The price of domestic crude in the U.S., for example, has jumped from $2.84 per bbl. in 1956 to $3.16 today, and producers make no bones about the fact that they prefer to cut production rather than drop prices...
...graver crisis and far more parliamentary support than he now commands. The unrest in the French army, which has aroused nervous talk abroad of a military coup, is still largely confined to a few embittered career officers, mostly young colonels exasperated by years of frustration in Indo-China, Morocco, Suez and now Algeria. As for the ordinary Frenchman, he is too busy enjoying his nation's unprecedented prosperity to feel anything more than weary apathy toward politics. Last week saw two new records set in Paris. One was for the number of private cars leaving the city on weekend...
MIDDLE EAST. When the Egyptians in 1951 launched a campaign of terrorism to drive British forces out of the Suez Canal Zone, the U.S. made clear that its sympathies lay with Egypt. Long after the British finally gave way in 1954 to Egypt's demands, Sir Anthony Eden grumbled that the negotiations had been vastly complicated by the fact each time a settlement seemed near, U.S. Ambassador Jefferson Caffery had urged Egypt's Nasser to demand better terms. Two years later, when Britain and France set out to reoccupy the Canal Zone by force, the U.S. publicly repudiated...
...Willis C. Armstrong, director of the State Department's Office of International Resources. Because Canada is also affected by U.S. restrictions, Canada's Ambassador to Venezuela joined the talks. Some of the facts: ¶ Of the 14% drop-off in Venezuelan oil production since the Suez-crisis peak of 2,900,000 bbl. a day, the slump in the world market accounted for about 10%, U.S. voluntary restrictions for only 4%. ¶ In the same period, politically powerful Texas' output has dropped 18%. ¶ Crude prices in the U.S. have shaded off 10? to 25? from...