Word: eca
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Dates: during 1950-1959
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...last week, the U.S. Government had spoken softly in its fight against Britain's restrictions on dollar oil (TIME, Jan. 2 et seq.). Then it decided the time had come to waggle a big financial stick. ECA's petroleum chief, Oscar Bransky, told a House subcommittee that Britain will get no more ECA dollars for expansion of its own oil refining industry until the fight is settled...
With $13,355,000 in ECA funds, British oil companies and associates are building four refineries to boost their output by 33 million barrels of oil a year. They want another $30 million to add 46.5 million more barrels. That request, said Bransky, had been put on ice indefinitely. But "we are still hopeful," he added, "that a satisfactory outcome will be obtained...
...still far & away the leading supplier to the hemisphere, which remains, after the ECA countries, the leading U.S. market abroad. The U.S. will probably keep many of its wartime gains. In the Caribbean countries it will continue to dominate trade for the good reason that its business there runs on a two-way street. But in Argentina and Uruguay, and to a lesser extent in Brazil, Chile and Peru, the U.S. will have to reconcile itself to the European trend...
...itself-through ECA-had helped set the trend. The $400 million in Latin American business that the U.S. lost to Europe last year was one measure of Europe's recovery and the Marshall Plan's effectiveness. This year might see Europe again in possession of more than one-third of the Latin American market, now four times its prewar size and a valuable prize indeed. "Our European competitors," griped a U.S. businessman in Mexico City last week, "are simply using U.S. taxpayers' money to compete in U.S. markets." Like it or not, U.S. citizens would have...
...ECA's very success in shoring up Europe's economy (though it had failed to "integrate" the continent for the long pull) had created a new problem. Europe's booming factories were turning out all the goods Europe could use and more; the problem now was to sell the excess where it would earn dollars - that is, in the U.S. market. That meant that the U.S. would have to accept more imports, said Hoffman. ECA's target was modest - an increase in imports of "several hundred million dollars " within the next two years, amounting to only...