Word: crude
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Dates: during 1970-1979
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...follow the rising cost of crude oil and its effect on the world economy, the subject of this week's cover story, TIME correspondents and writers had to report, evaluate and coordinate the outcomes of two important summit meetings in cities 6,000 miles apart. In Tokyo, correspondents from three news bureaus were on hand when leaders of the U.S. and six other petroleum-importing countries met to forge a common strategy on the oil problem. Washington Correspondents Johanna McGeary, Gregory H. Wierzynski and George Taber followed President Carter throughout the talks and on an odyssey that included state...
Except perhaps Geneva, where representatives of the 13-member nations of OPEC met to raise the price of crude. Reporters in that city were greeted at every turn with airport-style metal detection tests, luggage checks and platoons of Swiss police armed with automatic weapons. Said Tehran-based Correspondent Bruce van Voorst: "The four gorillas who guarded Saudi Sheikh Yamani practically walked in his pockets...
...diesel fuel do not cause new shortages at the supermarkets. Gas lines in Eastern cities are getting longer, despite the spread of odd-even sales restrictions, and the Tokyo agreement to limit petroleum imports obviously will do nothing to shorten them, since it is a scarcity of imported crude to refine that caused the lines in the first place...
...basic situation: the cartel's 13 member nations are now pumping roughly 31 million bbl. of crude out of the ground each day, 2 million bbl. more than last year, but still 2 million bbl. less than nations want to buy in order to keep their factories humming. The shortage has set off a scramble that permits OPEC to charge almost any price its members wish; some U.S. officials fear that the cartel will ram through yet another 15% increase by year's end. The only way to head it off, say government leaders around the world (including OPEC leaders...
...downturn would slow U.S. inflation and narrow the American trade deficit. It would reduce U.S. oil consumption and thus reduce upward price pressure on crude oil and other commodities...