Word: crude
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These weakened governments confronted Europe's most severe economic crisis of the past quarter-century. Consumer prices in Portugal were rising at an annual rate of 31%, in France 17%, Britain 23%, Italy 18%, and Belgium 17%. The quadrupled cost of crude oil, which Western Europe must import for most of its energy requirements, plunged the Continent's trade ledger deep into the red. Britain, France and Italy together were expected to run a $28 billion balance of trade deficit this year...
...taking a new look at all sorts of policy proposals. Two old ideas resurfaced to make headlines last week: raise gasoline taxes 10? per gal., or $ 10 billion a year, to reduce energy consumption and help swing the federal budget toward a surplus; gradually lift price controls from domestic crude oil to further discourage energy use. Neither proposal is likely to be embraced by the President at a time when slowing price rises is his chief domestic concern, but the two do illustrate how wide-and controversial-is the range of ideas that the Administration is pondering...
When it's all over and done with, you'll probably remember the months leading up to your first classes at Harvard as the time groups here made their most crude and direct approaches to you. You are the niave prey, they are the vultures swooping in on you trying to sell you yearbooks, linens, Workers' Power, rings and Confi Guides. Since you made that fateful decision to attend Harvard instead of Stanford, Yale or Morgan St., you no doubt have been deluged with information and solicitations from every group remotely connected with Harvard...
...consistently argued that it is unrealistic for Middle East states to maintain posted prices for oil that are four tunes as high as they were last fall. Richer in petroleum reserves than any other nation, Saudi Arabia announced last month that in early August it would auction off some crude without setting a minimum price. Its plans aroused high hopes, especially in the U.S., that this month would see the beginning of the long-awaited price fall. But it is now clear that those hopes must be postponed. The auction...
...probably will not be as a result of the next O.P.E.C. meeting in Vienna in September. At the latest meeting in Ecuador in June, Saudi Arabian Petroleum Minister Ahmed Zaki Yamani pressed for a cut of $2 per bbl. in the posted price of $11.65 per bbl. for light crude. (The posted price is a theoretical figure, but it helps to determine the actual price because it is the number on which taxes and royalties levied against the oil companies are based.) Yamani had all he could do, however, to keep the other O.P.E.C. members from raising prices still higher...