Word: importance
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Dates: during 1970-1979
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...Rotterdam "spot" market (users bid there for supplies not tied up under long-term contracts, and prices have shot as high as $40 per bbl.). French President Valery Giscard d'Estaing, speaking on behalf of the European Community, outlined a plan to freeze European oil imports at last year's level and to "dissuade companies from lending themselves to transactions at excessive prices" in Rotterdam. But that stops well short of Giscard's earlier ideas to set specific, country-by-country import ceilings, and to put a flat ban on high-priced dealings in Rotterdam...
...fundamental difficulty is that the U.S. cannot import enough oil right now to fill its needs. Imports are running about 8 million bbl. a day?roughly half of U.S. consumption, up 3% just since late April ?but oilmen estimate that they need an other 500,000 to 1 million to assure an even flow of all products through their refineries. The prime reason for the shortage is that the other members of OPEC have never increased production enough to make up for the curtailment of supplies from Iran. The situation raises two questions: 1) Which products should be rushed...
...conceded that the dispute over the proper balance between crude stocks and refinery runs is a legitimate difference of opinion, and he softened the threat to take crude away from refiners who do not use it rapidly enough. His reason: if he did that, the refiners might retaliate by importing less oil. Startled reporters asked if the Government was yielding to oil-company blackmail. No, no, said Schlesinger, no company had made any such threat; he was merely worried that he has no authority to force oilmen to import as much crude as they can find...
...part of its open-door policy toward foreign investment, Sri Lanka has established a free-trade zone north of Colombo, where investors can be granted exemption from import duties and taxes...
...roads, running water and communications, six factories have already been set up and more are abuilding. Some will make work gloves, tea bags and latex rubber threads, but most will produce garments for the U.S. market. Indeed, many companies have been attracted because the U.S. does not yet impose import quotas on Sri Lankan garments. Typically, Jeffrey Bogatin, owner of a New York-based garment business, was attracted by wage costs of 73? an hour and a five-year tax holiday. Says he: "I'm shocked that there is not more of a rush by industry to this place...