Word: cutbacks
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Dates: during 1970-1979
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Although stunned by the harsh American response, the Europeans were not too stunned to offer angry rebuttal. In the first place, complained the Europeans, Washington was insensitive to the Continent's particular oil crisis. The Arab cutback will mean inconvenience and some discomfort for the U.S., which gets only 11% of its oil from the Middle East. For Europe, which imports 72% of its oil from the area, a cutback may mean mass unemployment and economic catastrophe...
Like a great natural disaster, the oil drought caused by the Arabs' cutback on production spread ominously through the industrial nations last week. Despite glaring signals of severe shortages ahead, leading consumer countries from Germany to Japan were in disarray. They often worked at cross purposes as each scrambled to get energy supplies only for itself-at almost any cost. Meanwhile oil-producing countries outside the Middle East happily pushed up prices...
...cent cutback and some rescheduling for commercial airline flights...
...Cutoff. Putting economic pressure behind their proposals, the Arab nations announced a cutback in oil production for export, pegging it at 5% each month. Aimed mainly at the U.S., the move was also intended to exert pressure on Washington through the nations of Western Europe and Japan, which are more dependent on Middle East oil than is the U.S. Saudi Arabia promptly went further, first declaring an immediate 10% cutback in oil production and then cutting off all oil shipments to the U.S., as did Abu Dhabi, Libya and Algeria...
...this assumes that the Arabs actually carry out their threats. Before last week's moves, U.S. Energy Expert Robert Hunter expressed skepticism that an Arab oil cutback would work, even as part of a war against Israel, because "every oil producer would be watching every other one to see which was trying to carve out a larger place in long-term markets by violating a proclaimed embargo...