Word: embargoing
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...heading into a troublesome energy shortage before Arab nations clamped an embargo on oil exports last October-and it could still have one now that tankers are again unloading Arab petroleum at American refineries. Indeed, unless Americans continue the conservation habits they learned during the embargo crisis and push hard to develop alternate sources of energy, nagging scarcities could persist far into the future...
Tight Rein. At the same time, the lifting of the Arab oil embargo and early signs of renewed strength in the economy have shifted the Federal Reserve's attention away from trying to stave off a recession to quelling inflation-even at the cost of towering interest rates. For example, though the Federal Reserve does not appear to be holding an excessively tight rein on the money supply, it has shown itself increasingly unwilling to open up enough to accommodate the upsurge in loan demand. For the three weeks ending April 3, the last date for which figures...
...major reason for the price decline was that speculative fever began to cool as optimistic crop reports began rolling in. Rumors that the Arabs were about to lift their oil embargo against the U.S. also eased fears of uncontrollable inflation. The present prices, however, are still far higher than a year ago, and few experts are predicting any further substantial drop until the dimensions of this year's harvest are clearer, both in the U.S. and abroad. Rising costs of farm labor, fertilizer and machinery will also work against a further price drop...
...underdeveloped nations that produce many of the world's vital raw materials learned a lesson from the Arab oil embargo: in cartelization lies the potential for wealth and power. Many nations have talked of creating oil-like cartels to control the prices and supplies of products ranging from bauxite to bananas. Last week they were encouraged by several of the delegates at a United Nations special session called to consider raw-materials problems. But, as might be expected, many of the delegates were more concerned with scoring political points than with addressing the real issues...
...prime example of irrelevant bickering came when Chinese Deputy Premier Teng Hsiao-ping, the highest official of Mao Tse-tung's regime yet to visit North America, launched a vitriolic attack on U.S.-Soviet detente. Teng also lauded the Arab oil embargo, which he said had broken the "international economic monopoly" of the rich nations, and urged producers of other raw materials to emulate it. He drew a surprisingly low-key response from Soviet Foreign Minister Andrei Gromyko, who said that "isolated voices are to be heard that show there are some who have come to the session with...