Word: embargoing
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...decade after the Arab oil embargo caused panic at the nation's gas pumps and sent the price of oil soaring from $3 per bbl. to more than $20, U.S. reliance on imported oil has scarcely dropped...
This approach was in strong contrast both to Jimmy Carter's reaction to the Soviet invasion of Afghanistan, when he ordered an embargo on U.S. grain sales to the U.S.S.R. and a boycott of the Moscow Olympics, and to Reagan's own response to the imposition of martial law in Poland in 1981, when he tried a variety of economic sanctions that irritated U.S. allies more than they annoyed the Soviets...
...President flew back to Washington, a high-level task force assembled at the State Department to ponder appropriate U.S. countermeasures. There was general agreement that the Administration should not do yet another about-face on the grain deal, since Reagan had criticized President Jimmy Carter's embargo and a second one would virtually eliminate the U.S. as a credible trading partner. The various courses of action considered ranged from U.S. support of expected retaliation by airline pilots all the way up to a postponement of the Intermediate-range Nuclear Forces (INF) talks, scheduled to resume this week in Geneva...
...metals traders. He became something of a protégé of Ludwig Jesselson, the company's head. After assignments in Bolivia and Spain, he returned to New York and built the company's lucrative oil-trading department. He made a killing during the 1973 Arab oil embargo, but the company declined to pay the seven-figure commission he demanded and he left in a huff. With partner Pincus ("Pinky") Green, a fellow Wunderkind trader from Philbro, he established his own firm with headquarters in Zug, an Alpine town 14 miles south of the financial center of Zurich...
...back as the 1980 campaign, Ronald Reagan pledged to keep international politics out of the grain trade. It was a hard promise to fulfill. Under pressure from U.S. farmers, he removed the partial embargo in April 1981. But that December, the White House saw the imposition of martial law in Poland as reason enough to bar grain negotiations with the Soviets. This April, though martial law was still in effect, the President gave the green light to begin the negotiations that resulted in the grain deal. Last week's successful talks coincided with another sign that Washington is ready...