Word: embargo
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Ford pointed out that the U.S. is the world's leading food producer. "It has not," he said, "been our policy to use food as a political weapon despite the oil embargo and recent oil price and production decisions." Any implicit threat in that statement was softened by Ford's announcement that, despite inflated prices, the U.S. would increase food aid to developing nations. He did not, however, specify the amount of such aid. Almost as he spoke, Treasury Secretary William E. Simon was warning Congress that because of the impact of high oil prices...
...relatively limited economic clout against the oil-producing nations, as Ford well knows. The oil countries depend on the U.S. for wheat, corn and tobacco generally, but they could get these from alternate sources. They do buy American petroleum-industry equipment, but for the U.S. to embargo such exports would be self-defeating. If the U.S. held back on sales of armaments or commercial aircraft, two major export items, the Arabs could easily find substitutes elsewhere, albeit of lower quality in many cases. The most compelling U.S. argument is actually an appeal to Arab self-interest: a worldwide depression caused...
...consumer prices. The news sent the stock market reeling to its nadir since November 1962. Meanwhile, economic activity continues to decline. Production in the nation's factories and mines dropped .4% in August; industrial production is now almost 2% lower than last October, when the Arab oil embargo started...
Whiplashed by the embargo and leaping oil prices, President Nixon last December set up what became the Federal Energy Administration to centralize U.S. energy policymaking. The centralization lasted little longer than the crisis. Almost as soon as last winter's gasoline lines disappeared, the question of who should coordinate energy policy began to breed baroque rivalries-and now, with the Ford Administration in control, three potent Washington figures are scrapping for leadership. They...
...only is Damascus receiving large resupplies of Russian arms (an estimated $1 billion worth since the October war), the Israelis point out, but the French decision to end a seven-year arms embargo against Middle East combatants could mean that the French will sell to Syria and other countries equipment superior to Soviet technology, principally in defensive radar...