Word: nationalizes
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Dates: during 1970-1979
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...Tory wives watched like Upstairs, Downstairs'aristocracy, waiting for the vote that might cast them and their husbands once again into the front ranks. In the seven-hour debate that preceded the motion, Thatcher led off with a crisp but low-keyed assault on Callaghan for mismanaging the nation's affairs. "Never has our standing in the world been lower," she declared. "Britain is now a nation on the sidelines." She summed up Britain's needs in a phrase tailored to campaign-poster type: "Less tax and more law and order." In his scornful, witty reply, Callaghan...
...specially scheduled policy review session, the U.S. President was not only wrapping up an Egyptian-Israeli peace agreement that is bitterly opposed in much of the Arab world, but he was also preparing to announce some energy measures that would stress increased domestic oil production to reduce the nation's perilous dependence on the OPEC cartel. Throughout the industrialized world, meanwhile, governments were struggling to keep alive a recovery from a sharp recession that in large part had been caused by the big jump in oil prices since 1973. In this atmosphere, the cartel's decision...
...bravado was quickly underscored by a rash of surcharge announcements. Algeria and Libya both added $4-per-bbl. premiums to their much-in-demand low-sulfur oil, as did Nigeria, a nation that has made a practice of haphazardly squandering its petrodollars almost as blithely as Americans waste oil. Kuwait, Iran and Venezuela tacked on $1.20-per-bbl. surcharges. Mexico, though not an OPEC member, also got in on the gouging game; it added...
...least 2? to the already rising costs of gasoline, but as the price goes up, people will demand bigger paychecks from their employers. That will spread the increases through the whole economy, multiplying the impact. The latest OPEC boost will have a direct adverse effect on the nation's balance of payments. Last week the Commerce Department released some cheering figures showing that the trade deficit shrank in February to a 22-month low, in part because of a $700 million decline in oil imports from Iran. The OPEC increase, which could cost the economy as much as $1billion...
More than almost anything else, the nation needs an energy program that can blunt the OPEC threat. The world simply cannot be presented with the continuing spectacle of its most powerful economy slipping into energy bondage to a handful of regimes that aim for one of history's most massive transfers of wealth from other countries. Nor should Americans tolerate complacent reassurances that everything will be all right if folks would just put on sweaters and drive at 55 m.p.h. What good is conservation if the cartel can make up for declines in demands by simply pushing...