Word: mightly
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Dates: during 1970-1979
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...clear even when the final gavel ends the OPEC meeting in Geneva and the economic summit in Tokyo. But the prospects are cheerless: at best, a slowdown in global growth, accompanied by more inflation; at worst, an outright recession?also accompanied by more inflation. Already, the downturn-that-might-be has picked up a name. Washington economists are calling it Khomeini's Recession?after the Ayatullah Ruhollah Khomeini, whose Iranian revolution began the oil shortages and rocketing prices that are causing world economic anxiety...
Against that background, the heads of government of the non-Communist world's seven strongest industrial powers ?Britain, Canada, France, Italy, Japan, West Germany and the U.S.?will convene Thursday in Tokyo's ornate Akasaka Palace to consider what they might do. The meeting, fifth in a series of annual summits devoted to economics, was scheduled before the latest oil crisis broke, but it will be so dominated by petroleum worries that it is being called the energy summit. For Jimmy Carter, the meeting will be especially critical; American voters are far more irate about the gasoline shortage...
...deeply mired. He 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...
...immediate necessity is to set firm priorities for gasoline, diesel fuel and heating oil production, devise a more effective allocation system for distributing them, and enact a stand-by gas-rationing plan. Those steps will not increase overall supply, but they might calm the panic buying that is turning what should be a moderate shortage into a nightmare. Indeed, the nation had better get used to coping with shortages. The one in 1973-74 disappeared quickly after OPEC turned on the spigot following the end of the Arab oil embargo. The cartel seems unlikely to do so again, and even...
...poke." Both Carter and Brezhnev have warned the Senate against insisting on changes. Said the Soviet leader in Vienna: "Any attempt to rock this elaborate structure, to substitute any of its elements, to pull it closer to one's self, would be an unprofitable exercise. The entire structure might then collapse." Scoffed the unconvinced Jackson: "They're already trying to do a little blackmailing...