Word: embargo
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...fact, energy will remain scarce even if the Arabs relax their embargo. John A. Love, President Nixon's energy chief, predicts that it will be three to five years at best before world oil production and refinery capacity is increased enough to again bring energy supplies abreast of demand. The shortage, he said last week, will bring about "a change of approach to our life-style and economy," and the nation can no longer continue doubling its demand for energy every ten or twelve years...
Visible Targets. If the Arabs persist in their embargo, the emergency will bite Americans deeply in a month or so. Old routines in work and play will be disrupted, traveling will become a chore and the novelty of spartan indoor temperatures and reduced lighting will wear thin. Then the public will probably begin a search for scapegoats. The Administration will be high on everyone's list for its failure to foresee and prepare for the crisis. Oil companies will be another target of criticism, because they are so visible and profitable, and calls will rise for increased Government regulation...
Whispers about retaliation against the Arabs have been heard since the beginning of the oil boycott, and last week Secretary of State Henry Kissinger voiced them out loud. In a press conference, he warned that if the embargo continues "unreasonably and indefinitely, the U.S. will have to consider what countermeasures it will take." Saudi Arabia's Oil Minister Ahmed Zaki Yamani promptly replied that the Arabs might then cut oil production by 80% rather than just 25%, and destroy the economies of Europe and Japan...
...crisis is spreading across the U.S. as the deepening energy emergency, triggered by the Arab oil embargo, has begun to pinch in small but ominous ways. Leisure activities, from boating trips to night football games, are being canceled; gasoline-short service stations are temporarily shutting down; and commuter-and school-bus schedules are being pared for lack of fuel. For the first time since World War II, there is serious talk of rationing gasoline and home-heating oil. Meanwhile, from Capitol Hill to the tiniest town hall, in board rooms and living rooms, Americans hastened to make up for lost...
Even before the Arabs' oil embargo, forecasters almost unanimously predicted a slowdown for the U.S. economy next year. Now fears are growing that the oil crisis could lead the nation closer to a recession, with some rises in unemployment, heightened inflation and widespread shortages of vital petroleum-based products...