Word: forli
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Dates: during 1970-1979
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Laments Mwai Kibaki, Kenya's Vice President: "Higher oil prices mean there is less for everything else." The LDCs will also suffer a decline in demand for their exports as the industrialized countries fall into recession.
The developing countries' oil-import bill jumped from $4 billion in 1972 to about $44 billion this year, and some have-not nations are openly complaining about OPEC. The worsening crisis over crude prices may create an ideological dilemma for Third World leaders like Tanzania's Nyerere who...
Cutting back on consumption is not enough. Tanzania uses roughly half as much petroleum as in 1972, but its oil bill has risen 900%, and now eats up half of all earnings from the country's exports. Complains Rodrigo Carazo, President of Costa Rica: "Our 1972 oil needs cost...
Just as a homeowner struggling with heating bills may turn to his bank for help, the have-not nations are hefty borrowers. Their loans from Western banks and international aid authorities have surged to a dangerously high $300 billion, and are expected to rise some $60 billion next year. The...
Aramco got a bonanza from the gap between the $18-per-bbl. price that Saudi Arabia had been charging, vs. the official cartel ceiling of $23.50. In unregulated markets outside the U.S., Aramco's proud parents have been able to sell their gasoline, heating oil and other products for...