Word: embargoing
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...international balance of payments problems, disrupted business, backed up long lines at gasoline pumps and caused countless other hardships. But at an energy conference held by Time Inc. in Williamsburg, Va., speakers from Government, industry and environmental groups also saw a brighter side to the five-month oil embargo. They believe that it awakened Americans to long-festering energy troubles and started them thinking about solutions...
...self-sufficiency by 1980. Immediately after being named FEO chief, he pledged to have a final blueprint for the project on President Nixon's desk by Nov. 1. He readily admits that morale among the FEO's more than 2,000 employees plunged when the Arab oil embargo was lifted in March and the agency lost the crisis spotlight. Says Sawhill: "It shook out the malcontents, but the right people have stayed and now we are getting good at our job." He pledges to improve the administration of the agency, a job that he and Simon consciously ignored...
...thriving diamond-mining industry in Angola. Presumably, an unsympathetic Angolan government would nationalize it. And some observers say that South Africa and Rhodesia are both relying on Angolan oil, coming from the Gulf Oil Corp.'s burgeoning Cabind a operation, to supply them in the event of an international embargo...
Uncertain Imports. Yet the factors that were producing a squeeze before the embargo still remain. The U.S. normally burns about 17 million bbl. of oil per day but produces only 11 million bbl., leaving the nation uncomfortably dependent on uncertain and costly imports. U.S. refineries do not have enough capacity to supply unconstrained demand even if the country had crude oil in unlimited quantities. Production of natural gas, the second most important fuel behind oil, is running 5% behind demand. If Americans do not continue conservation measures, spot gasoline shortages could still crop up this summer and electric power would...
...drop in industrial production was smaller than any of the previous three declines; auto sales in early April were down only about half as much as earlier in the year; the housing slump appears to be bottoming out; and U.S. industry plans heavy capital spending. Because the Arab oil embargo has ended, most economists expect real G.N.P. in the current quarter to be "flat"-that is, up or down only a trifle. While that would scarcely be an achievement to crow about, it would mark a considerable improvement over the first quarter. Still, the persistence of galloping inflation presents Simon...