Word: kuwait
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Dates: during 1970-1979
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...Saudis, along with their moderate allies from Kuwait and the oil sheikdoms along the Persian Gulf, succumbed to radical pressure. They were able to head off a retaliatory program directed at the U.S. But after the P.L.O., Syria and Libya stalked out of the meeting to underscore their demands for drastic action against Sadat, the moderates joined in the unanimous approval of a political, diplomatic and economic boycott that will virtually expel Egypt from the Arab world...
Another U.S. obligation that was at least implied during the treaty negotiations was that Washington would help make up for any cut in economic aid that Egypt now gets, primarily from Saudi Arabia, plus small amounts from Kuwait and the United Arab Emirates. That aid runs at close to $3 billion a year. Other Arab nations are expected to apply pressure to end this Arab help to Sadat. If that were to happen, the Administration would apparently be ready to add some unspecified portion of the $3 billion to the U.S. contribution to Egypt...
When the news reached Riyadh that President Carter would soon arrive in the Middle East to nail down a peace treaty, there were no outbursts of relief or thanksgiving. In fact, there was much more excitement over the Arab Foreign Ministers' meeting in Kuwait, which had just arranged a second cease-fire in the border war between Marxist, Moscow-leaning South Yemen and moderate, pro-Saudi North Yemen. For the Saudis, the importance of the cease-fire was that it had been negotiated and resolved by the Arabs. The President's visit to Cairo and Jerusalem was only...
...million bbl. a day, of all the petroleum burned in the U.S. The oil price explosion has sent the average cost of gasoline from 350 per gal. four years ago to 700 today, and that figure is sure to rise as a result of the latest increases by Iran, Kuwait, Libya, Algeria and other OPEC members. Spot shortages of low-polluting unleaded gasoline are already occurring, and its price is expected to climb to $1 or more a gallon in the next year...
...Kuwait, Oil Minister Sheik Ali Khalifa al-Sabah declared a price increase of 9.3%, retroactive to Feb. 20. He blamed the decision on what he called price profiteering by oil companies, implying that if Big Oil was somehow ripping off the public, Kuwait was going to get in on that game...