Word: embargo
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Nimble Shifts. Certainly the U.S. might be expected to bear a disproportionate share of the shortages caused by Arab oil-production cutbacks: the Arab oil states, which once supplied a pivotal 11% of the petroleum burned in America, have placed the U.S. under a total export embargo. Yet The Netherlands is under a similar embargo, and oil companies have switched shipments around nimbly enough to keep that country well supplied. For example, Saudi Arabian oil that usually goes to Dutch refineries has been redirected to Le Havre in France, and non-Arab Iranian oil that normally was shipped to France...
...Europe or Japan. But a spokesman for Phillips Petroleum last week asserted that several large companies are indeed holding back imports because of the U.S. crude allocation. Most oilmen explain the low level of U.S. imports by making two arguments: they must scrupulously observe the Arab embargo because they operate in the Arab countries only with the sufferance of the host governments, and they cannot scant Europe and Japan by shifting non-Arab oil to the U.S. because that would open the oil companies to political attack abroad. Warren Davis, a Gulf economist, says: "We are foreigners in the countries...
...some other nations want to persuade the producers to lower oil prices to a more bearable level. U.S. Secretary of State Henry Kissinger concedes that prices would have to stay higher than the $3.65 per bbl. that Persian Gulf producers were charging before they started the embargo in October. But he also points out that present prices, which range up to $20 per bbl., threaten severe disruption of the world economy...
...about Cuba. Partly on his own and partly at the urging of the Soviet Union, Fidel Castro has obliquely hinted that he would like to resume friendly relations with the rest of the hemisphere. Seven Latin American countries already have diplomatic relations with Castro. The U.S. economic embargo against Cuba becomes a little less effective each year as other Latins, eager to increase their exports, send catalogues of their goods to Havana...
...most hopeful element in U.S.Latin relations may result from the Arab oil embargo. "The energy shortage puts our relations with Latin American countries on a somewhat more equal basis," says one key American ambassador...