Word: embargos
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Dates: during 1970-1979
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Carlos never showed, and the real specter hanging over the meeting was the growing worldwide glut of oil. During recent months the world has been awash with excess production of some 2 million bbl. per day, and Western oil stocks are currently 25% above pre-1973 embargo levels. Producers like Libya and Algeria, even while arguing for an official price hike, have been shaving their market prices by 40¢ or more per barrel...
...result was a personal victory for John Vorster. He had called the election and dominated the campaign, capitalizing on the U.N.'s new mandatory arms embargo against South Africa and other recent signs that both Britain and the U.S. had decided to take a firmer line with Pretoria from now on. South Africans joked that Vorster and his party had run against President Jimmy Carter-and had won big. As they had always done before, the Afrikaners united in a time of crisis. And this time, they brought record numbers of English-speaking whites along with them...
...only western nation that has taken no constructive steps to cut domestic oil consumption since the 1973 oil embargo can no longer afford to put off reform. While the energy proposal now emerging from Congress is weak in many ways, it is certainly better than nothing; the important thing now is not to let past losses stand in the way of working to see that the strongest possible energy bill is passed...
...Indeed, demands for electricity have recently strained utilities sufficiently to achieve major blackouts here and there. New structures with solar-energy devices have remained almost as exotic as ever. Nobody seems to be considering an encore of the dimmed-out Christmas that marked the ancient time of the oil embargo. This Christmas may well burn record wattage...
...time, the world supply of uranium exceeded demand by 400%, according to some estimates, and if newly discovered deposits in Australia had been made available to the world market, demand would have been unlikely to catch up with supply until the early 1980s. As it happened, Australia embargoed uranium exports until last August, and the Arab oil embargo of 1973 caused a huge acceleration of demand for uranium from nuclear-power plants around the world, so prices might have gone up anyway. Meanwhile, the cartel swung into operation...