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...first ranking national politician assassinated in India since Mohandas Gandhi was shot in 1948, Mishra had recently been the target of corruption charges involving the issuance of import licenses during his term as Minister for Foreign Trade (1970-73). The agitation in Bihar has been aimed at unseating a state government that Mishra, himself a Bihari, had strongly backed. The movement has been led by one of India's most respected political leaders, Jayaprakash Narayan, 72, a founder of the Socialist Party and one of the last of Gandhi's immediate disciples. Narayan has been pressing...
...Partly hi response, OPEC is now producing at 20% below capacity with no visible problems. Again, it is Saudi Arabia that holds the key. The country has accumulated so much money that it could stop production for two or three years and still have more than enough cash to import food, provide free medical care and education, finance new industry and subsidize other Arab nations. But unless and until the industrial nations get together, much of the non-Communist world could not long function without Saudi Arabia's 8.5 million bbl. per day. As Saudi Arabia's Harvard-educated...
...major oil exporter through the late 1950s, but then its own demands raced so far ahead of production that it now has to import more than one-third of its supply. The nation's bill for foreign oil pyramided from $3.9 billion in 1972* to $24 billion last year. The $20 billion jump meant that Americans either had to increase their foreign debts greatly or produce and export $20 billion more in goods and services?food, steel, planes, machinery, technology?to pay for oil imports. Unless the oil price comes down or the country sharply reduces its oil imports...
India suffered more than any other nation. Its oil import costs hit $1.6 billion, up fivefold in two years, leaving it little money to import food and fertilizer, machines and medicine for its hungering millions. Pakistan's plight was almost as critical; its imports of oil and fertilizer topped $355 million. Sri Lanka's rice farmers had to pay 375% more for fertilizer; they reduced their buying so much that the rice harvest fell almost 40% below expectations...
...deterioration of Denmark's economy in the past year in large part has been caused by the fourfold hike in the price of imported oil (upon which 90% of the country's energy output depends). With its import prices rising twice as fast as its export prices, Denmark suffered a more than $ 1 billion balance of payments deficit in 1974. Unemployment, at a 22-year high, has cut deeply into some professions. "If you take the No. 6 bus on Thursdays," observes Architect JØrgen Andersen, 39, "it is full of architects on their...