Word: embargo
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Without an increase in production, however, an end to the embargo would mean little: it would only enable the U.S. to bid against Europe and Japan for oil supplies that would still fall well short of world demand. But Washington experts expect that an easing of the embargo will be accompanied by a decision to boost output back to prewar levels-if not this week, then soon thereafter. Whenever it happens, says Federal Energy Chief William Simon, it would "make our job a hell of a lot easier. We will be able to supply industry with 100% of its needs...
After nearly four months as U.S. energy chief, William Simon could use any respite that a lifting of the oil embargo would bring. When he stepped in, he was almost universally hailed as the tough decision maker who would finally whip the nation's faltering energy policies into shape. The honeymoon could not last, and it has not; Simon now is getting a barrage of criticism, some of it astonishingly bitter...
...staff are working overtime to find solutions. Late last month he ordered additional "emergency" allotments of fuel to 26 states and the District of Columbia. That required a drawdown in gasoline inventories that, if repeated, could have serious effects later this year unless the Arab embargo is eased. Simon believes that FEO can "cool off the situation within three to six weeks by shifting fuel from states with ample supplies to those that are hard...
Like the U.S. and The Netherlands, South Africa has been placed under a total embargo by oil-exporting Arab nations. Unlike any other country, South Africa has not just survived the oil squeeze but is basking in a golden glow of prosperity because of it. Reason: the rising prices of the Arabs' black gold, oil, have helped to set off an even bigger rise in the price of the real yellow gold that South Africa mines in greater quantity than any other nation...
...Arabs imposed the oil embargo on South Africa partly in order to win favor with Black African nations that detest South Africa's apartheid policies, partly because they were angered by the fact that South Africa permitted its Jewish citizens to send money to Israel during the Yom Kippur War. The direct effect of the embargo has been minimal. Endowed by nature with rich coal deposits, South Africa derives only 20% of its energy from oil, v. 46% for the U.S. Even so, it thoughtfully stockpiled oil in advance. Buried deep in otherwise unused Transvaal coal mines...