Word: importations
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Dates: during 1950-1959
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...barter copra for foreign goods. The federation, Senate investigators later learned, was merely a front for a naturalized Chinese operator who exported only a fraction of the copra he was supposed to, but managed to reap a tidy $600,000 profit by selling to Manila merchants his dollar import allocation...
Many U.S. oilmen cry that the greatest single reason for the U.S. oil glut is foreign oil imported into domestic markets (TIME, Aug. 12). Last week the pressure grew so strong that the U.S. Government pulled in another notch on its voluntary import quotas, cut back imports for the U.S. east of the Rockies by 8.8% (from 782,900 to 713,000 bbl. per day) and ordered Government agencies not to buy oil from importers who fail to comply with the quotas...
...import quotas cause all sorts of ruckus abroad. Though the U.S. consumes 55% of the free world's oil. it has only 15% of the free world's reserves, enough to last a dozen years at current production rates. As consumption rises, the U.S. must depend increasingly on foreign oil if it wants to maintain even that slim ration...
...import restrictions cause hard feelings among the very nations to which the U.S. must look for future supplies-the Middle East, Canada. Venezuela. The pro-U.S. revolutionary junta in Venezuela begged the U.S. not to reduce quotas, lest Venezuelans take it as a sign of U.S. disapproval: Import restrictions force such nations to look for new markets that they may not be willing to give up if and when the U.S. needs more foreign...
...January and early February, Detroit's automen reported a sharp, continuing sales rise in March, with sales of some cars up as much as 25%. Oilmen, too, thought they might be bottoming out of recession, had cut production drastically to reduce inventories, while many independents clamored for further import cuts (see Oil). Texas cut its April allowable another 120,203 bbl. and scheduled only eight days' production (2,444,571 bbl. daily) for the entire month, the lowest level in history. Although gasoline stocks topped those of 1957, heavy crude oil and heating-oil stocks were coming down...