Word: embargo
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...week's end while visiting Washington, Saudia Arabia's petroleum minister, Ahmed Zaki Yamani, warned Americans that in the event of a new war in the Middle East, or even some vaguely defined "situation like war," the Arabs would not hesitate to impose another oil embargo on the U.S. and to extend it to Japan and Western Europe if they dared to share their supplies with...
...rare week for business scandal: three tangled tales of million-dollar misdeeds grabbed the headlines simultaneously. In Washington, federal energy officials confirmed suspicions that overcharges by oil suppliers during last year's period of Arab embargo and shortage had cost consumers hundreds of millions of dollars, much of which the Government has ordered refunded. In New York City, United Brands, famous for its Chiquita bananas, admitted bribing officials of Honduras, setting off an uproar that threatens government stability in that country. In Tel Aviv, the indictment of a highly placed Israeli executive on charges of siphoning cash...
...Embargo Rip-Offs...
...wends its way from well to gasoline tanks or home furnaces, oil passes through many hands. During the shortages bred by the 1973-74 Arab oil embargo, some of those hands took too much out of buyers' pockets; prices in many cases reached levels that did not seem justified by even the rapid run-up in quotes for Middle Eastern crude. Boston-based New England Power Co., for example, was so desperate for fuel in January 1974 that it paid $23.75 per bbl. for 127,479 bbl., when the going price to other utilities was only $12.05. At about...
...federal sleuths suspect that schemes existed to jack up prices that involved dizzying multiple transactions and offshore shuffles of oil. Venezuelan oil, which began rising in price even before the embargo, would be shipped, say, to The Netherlands Antilles, there to be blended with then cheaper Middle Eastern oil and shipped to the U.S. at the higher Venezuelan price. In a typical case, $6 residual oil, used to fire utility boilers, was resold at $ 17 and later soared to $23 and $24 during the embargo crisis. Another apparent pattern: passing oil through as many as half a dozen middlemen, some...