Word: embargoing
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Turkish-American relations have decidedly improved since the lifting of the U.S. arms embargo, which had deeply embittered a longtime ally. The continued solidity and loyalty of this large democratic nation bordering on the Soviet Union is important to the West. Turkey provides NATO with airfields, supply and ammunition depots, communication and surveillance stations to monitor Soviet air and naval activities, missile and nuclear-weapons tests...
...after his exuberant sojourn in the U.S., stopped in Tokyo on his way home and told the Japanese that America has shown indecision and "lacks direction" in handling the Iran crisis. Secretary of Energy James Schlesinger declared that the crisis could affect our oil supplies more severely than the embargo...
...outright oil shortage. He warned of the looming squeeze in some of the scariest terms yet used by any Administration official. He told a Senate committee that the six-week-old Iranian oil shutoff could turn out to be "prospectively more serious" than the five-month Arab oil embargo of 1973-74 because it could last much longer...
...panic." Indeed, the Iranian situation is already having a significant adverse effect on oil supplies. Since late December, lost Iranian production has been causing a worldwide petroleum shortfall of approximately 2.5 million bbl. a day. That is almost exactly the same amount that was lost during the 1973 Arab embargo, and oil companies are being forced to dip ever deeper into their inventories to make up for it. Last week Texaco, Shell and British Petroleum announced delivery cutbacks to their worldwide customers because of the supply pinch. In the U.S., current stockpiles amount to a 70-day supply for crude...
...companies argue that the federal controls on gas prices that were imposed during the fuel panic touched off by the 1973 oil embargo discourage investment in new refineries because the return on investment is too low when compared with that produced by other operations. As supplies diminish, more and more oil firms are limiting deliveries of both leaded and unleaded to dealers. Two weeks ago Texaco joined American Petrofina and Phillips Petroleum in allocating supplies, and last week Chevron sought Government permission to take similar steps. Says Texaco Vice President Annon Card: "If demand keeps going...