Word: cutoffs
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...such measures as cutting the time spent by ships at sea by as much as 20% and military flying time by 18%. Schlesinger says that there has been "some degradation of readiness," even though in the event of a war the military could commandeer fuel from civilians. Still, the cutoff of Middle East oil caused reserve stocks to dwindle to 15% of capacity (the actual figures are classified). The Pentagon expects the Arab oil embargo to end soon and military reserves to be back to normal by the end of June...
...litmus test is provided by three refineries: Texaco Trinidad, Amerada Hess on St. Croix and Bahamas Oil Refining Co. (Borco) on Grand Bahama Island. Together they have a refining capacity of more than 1,000,000 bbl. a day, most of which is shipped to the U.S. Before the cutoff they depended on the Arabs for almost half their crude; if the embargo were fully effective, they should be cutting production drastically by now. Yet the Texaco refinery has reduced by only 60,000 bbl. a day-to 140,000 bbl.-the amount of petroleum products it ships...
...deed for the material that Nixon's appraiser eventually chose to give was not delivered to the Archives until April 10, 1970 -almost nine months after the cutoff date. Senate investigators are looking into the possibility that the deed, which was signed by Nixon legal aides rather than the President himself, might have been predated. Over the next four years Nixon used the gift of the papers to avoid $235,000 in income taxes that he otherwise would have owed...
...result of the Arab cutoff of our oil supply, I understand more clearly now the rationale of imperialism...
...been rising faster than American production of oil. After the two lines crossed in the mid-'60s, the difference had to be made up by imports, with an ever-increasing percentage coming from Arab countries that disagreed with American policy toward Israel. The possibility of a cutoff was thereafter always present and predictable, and in hindsight, it is clear that the U.S. failed on every level to prepare...