Word: clouts
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Dates: during 1990-1999
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Genscher's clout comes from his longtime leadership of the Free Democratic Party, without whose support Kohl's Christian Democrats could not stay in power. He first came to the Foreign Ministry's top job in 1974 as the coalition partner of Helmut Schmidt's Social Democratic Party. But in 1982 he broke ranks with Schmidt over economic policy, making it possible for Kohl to become Chancellor. In return, Genscher got to keep his post. In early 1987 Genscher became the first major Western diplomat to urge that Gorbachev be taken "at his word," a position that...
...economic summit of the world's richest democracies held in Houston last week. Just as the Soviet Union's power to ride herd on its neighbors has been crippled by its domestic turmoil, America's ability to corral its allies has been hampered by two factors: the burgeoning economic clout of Japan and West Germany and the belief that the communist threat to Western security has receded. Today the U.S., Japan, West Germany, France, Britain, Canada and Italy -- known in diplomatese as the Group of Seven -- might just as well be dubbed the Sinatra Seven. Each has decided...
...once dominant American oil companies are now being challenged on their home turf. For almost three decades after World War II, the great international oil companies based in the U.S. and Europe controlled the supply of the world economy's lifeblood. At the peak of their clout in the 1960s, the renowned Seven Sisters -- British Petroleum, Gulf, Esso (now Exxon), Mobil, Royal Dutch/Shell, Standard Oil of California (now Chevron) and Texaco -- ruled with unquestioned authority. They discovered crude oil in the Middle East and Asia, shipped it to the developed world in their own tankers, processed it in their...
These incursions by national oil companies, which only a decade ago did little more than keep track of the crude they sold wholesale to foreign firms, have transformed the oil industry. The declining clout of U.S. and European companies is more than just a blow to Western pride. As petroleum-producing countries become more involved in refining and retailing, they will carry off an increasing share of profits that might have gone to American business. Yet the overall impact of this steady loss of American economic sovereignty is not all bad. For consumers, it may bring a pleasant stability...
This time, however, the real clout rests with the oil-rich countries. Cut off from its former sources of supply and struggling from a failed bid to buy Getty Oil, Texaco turned to its former junior partner, Aramco, for help in 1988. The result was Star Enterprise, a fifty-fifty joint venture between Texaco and Aramco, for which the Saudis paid $1.8 billion. The venture operates three U.S. refineries and markets fuel at 11,450 filling stations...