Word: embargo
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...same time that Nixon was hi the Middle East, the U.S. more or less patched up tattered relations with its European allies, who had gone their own way during the Middle East war and the subsequent Arab oil embargo. Henry Kissinger, who had been most angered by the Europeans' refusal to go along with the U.S. hi the winter, was all smiles at a meeting of NATO foreign ministers in Ottawa. He said, "I believe that the disagreements of the past year, which have resulted from the fact that we have dealt with serious people representing serious contributions...
...over the years, he was roused to action by U.S. support of Israel during the October war. He helped bankroll the Arab armies, sent a token force of soldiers to fight alongside the Syrians on the Golan Heights, and then called the signals for the oil embargo that sent a frisson through the economies of the U.S., Europe and Japan. It was only two weeks ago that the U.S., taking a long step toward reconciliation, agreed to work out programs of economic, technical and military aid for Saudi Arabia, hoping thereby to be assured of a steady -or increasing-flow...
Midday Friday, the presidential party of 350 persons, including 130 newsmen, will fly to Saudi Arabia, where President Nixon will spend l½ days with King Faisal. Although the King was the prime mover behind the oil embargo after the October war, he has nonetheless maintained his ties to the U.S. Last week Kissinger and Faisal's half brother, Prince Fahd, signed an agreement in Washington that had the aim of assuring the U.S. a steady flow of oil while Saudi Arabia gets American technical assistance to spur on its economy. During his talks with the King, Nixon...
...supply emergency ended this spring with the lifting of the Arab petroleum embargo, but a different kind of world oil crisis is approaching with onrushing speed. It is a potential money crisis caused by the quadrupling of oil prices orchestrated last fall and winter by the Organization of Petroleum Exporting Countries. The threat that these increases pose to world financial mechanisms absorbed much of the attention of bankers and government officials from the U.S., Europe and Japan who gathered in Williamsburg, Va., last week, but their deliberations produced no clear solution...
...During the oil embargo we were constantly made aware of the oil-rich nations that have more money than they know what to do with in their own countries. The devastating photos of starving children in the hunger belt might give them an idea...