Word: embargo
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...around the world, there was growing suspicion that they never did slash oil output as much as they had proclaimed. Europe, heavily dependent on Middle East oil, seems surprisingly well supplied, and TIME uncovered evidence that Arab petroleum has been leaking into the U.S., too, despite a supposedly total embargo...
...first easing of their 2½-month-old oil offensive. They promised to raise production in January rather than slash it further as originally planned; output has supposedly been running 25% below September levels, but now the cut will be trimmed to 15%. The Arabs publicly maintained a total embargo on shipments to the U.S. and The Netherlands but added hard-pressed Japan and tiny Belgium to their list of friends. That means that these countries will now receive oil "according to their actual needs," instead of only the same amounts they had purchased during the first nine months...
When the Arab states supposedly closed the valve on all oil shipments to the U.S. in October, Americans faced the prospect of a disastrous fuel drought by year's end. As the new year begins, though, officials are hinting that the embargo has sprung a leak. Now TIME'S Atlanta Bureau Chief James Bell has turned up evidence that Arab oil is indeed flowing into island refineries that serve the U.S. and probably into mainland American ports as well...
During the war the governing board of the National Council of Churches demanded a Middle East arms embargo by the U.S. and U.S.S.R.-a demand that could influence only the U.S. "If the resolution had been taken seriously," complains Rabbi Marc H. Tanenbaum of the American Jewish Committee, "Israel would have been denied arms at the very moment the Soviet Union was pouring them in on the other side." Suggesting that Israel's presence was a permanent irritant to Middle East tranquillity, one top-ranking Protestant was far more brutal than Berrigan. "It is quite conceivable," he said, "that...
Wall Streeters are especially shaken because, for the first time that most of them can remember, the nation faces a crisis for which they can imagine no short-term solution. A lifting of the Arab oil embargo would no doubt produce an explosive rally, but investment men are already predicting that it would not last; everyone knows only too well that the unpredictable Arabs can always turn off the flow again. Analysts who can usually produce a string of "buy" recommendations every day are throwing up their hands; they complain that they simply cannot forecast 1974 or 1975 earnings...