Word: embargo
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...Arab oil embargo that escalated the U.S. energy shortage from a pinch to a crisis-and at the end of last week the Arabs seemed to be on the verge of turning it back into a pinch. Over the weekend, Arab oil ministers began serious discussions of the possibility of lifting the five-month-old ban on oil sales to the U.S. Washington officials privately expressed high hopes that they would also agree to pump oil again at the rates reached before the Arab-Israeli war broke out last October (production has since been cut 15% below that level...
Quid Pro Quo. At week's end nothing was certain. Though Arab leaders agreed that a meeting of oil ministers should be held to discuss lifting the embargo, they seemed in conflict on whether it should be in Cairo on Sunday or Tripoli on Wednesday. It is unlikely, though, that Libyan Leader Colonel Muammar Gaddafi, a blunt critic of the U.S., would permit a meeting in Tripoli that was likely to lead to an elimination of the oil cutoff. Algeria, Kuwait and Syria were also opposed to ending the boycott. Some of the other Arab states would probably agree...
...Secretary of State Henry Kissinger has made it diplomatically clear that the U.S. expects an end to the embargo as a quid pro quo for his peacemaking efforts in the Middle East, and the most influential Arab leaders have been responsive. Egyptian President Anwar Sadat has been pressing the oil-producing states to resume shipments to the U.S. King Faisal of Saudi Arabia agrees; his oil minister, Ahmed Zaki Yamani, stated flatly last week that the embargo had served its purpose and should be scrapped...
...embargo may still be keeping Arab oil out of the U.S.-but not the gigantic amounts of investment capital that the Arab countries are accumulating by selling that oil elsewhere. Over the years, the Arabs have piled up American holdings estimated to be $10 billion to $15 billion. Now such thinly populated countries as Kuwait, Saudi Arabia and the Persian Gulf sheikdoms are pulling in more money through oil-price boosts than they can possibly absorb at home, and are channeling still more cash into...
American Promises. Still, the pressures on both sides to come to an understanding are great. The U.S. is anxious to end the Arab oil embargo and needs Israel's cooperation. The Arabs have not yet laid down specific conditions for such a move, but Foreign Minister Saqqaf remarked in Washington last week: "Once we see that intentions are good, the embargo might be lifted...