Word: importance
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Dates: during 1970-1979
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WITH THEIR MORE commercial style, today's Kinks are undoubtedly reaching more people, but what they're bringing is not the wonderful old tongue-in-cheek satire Davies specialized in. Instead, these songs are filled with trite statements of no great import--things like...
...Import quotas, effective immediately, flatly prohibiting the landing of more than 8.5 million bbl. per day?slightly more than now. That would fulfill a pledge Carter made at the Tokyo summit not to increase imports...
Backstage the Europeans were pressing for a pledge that all the industrial countries freeze oil imports through 1985 at last year's level. Unfair, protested Carter's aides. By drawing on increasing output from North Sea wells (expected to nearly double from last year to 1985), the Europeans could freeze imports from outside the Community and still burn more petroleum than ever. In the U.S., where domestic oil output has been declining (down about 700,000 bbl. a day since 1972), a freeze on imports would cause more hardship. Japan, which is totally dependent on imported oil, took the same...
...leaders agreed because they knew that in the face of the OPEC threat they could not afford to leave Tokyo without some sort of accord. But the import limits are the kind of solution that is only to be described as better than nothing. They will be difficult to enforce, and OPEC can, if it chooses, foil them by cutting production again. At best, the limitations will hold a bad situation steady while the world goes through a painful period of inflation, slowdown or recession, conservation and conversion to alternate fuels...
...suffered through a lingering period of sluggish production and relatively high unemployment. By contrast, the U.S. economy rebounded fairly smartly: production picked up, and joblessness fell from its 1975 peak of 8.9% to the current 5.8%. But the U.S.'s solo recovery brought problems. Prosperity sucked in imports, but American exporters found little demand for their goods abroad. Then, too, the nation's dependence on ever more costly foreign fuel increased, lifting the U.S. oil import bill to boggling heights-$40 billion last year, perhaps $50 billion this year. The result was a three-year string of stinging...