Word: nationalizes
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Dates: during 1970-1979
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...flight had revived rumors that the small-time criminal was part of a conspiracy that climaxed with the murder on April 4,1968, of the nation's most celebrated civil rights leader. Much of that renewed speculation came from Black Leaders Ralph Abernathy and Jesse Jackson and members of the House Select Committee on Assassinations. Said Louis Stokes, chairman of the committee: "My real concern is whether Ray was lured into this escape and, if so, whether for the purpose of killing him to stop him from talking...
That would be enough to cut U.S. dependence on foreign oil by 14%-assuming all the oil is used in the U.S.-and reduce the nation's bill for imported crude by $6 billion in 1978. Currently, the U.S. uses 17.2 million bbl. daily, of which slightly more than half is imported. The proven reserves of Prudhoe Bay are 9.6 billion bbl., enough to keep the pipeline busy for 20 years. The line will not be formally dedicated until Oct. 8, when it will be in full operation and a number of tankers will have been loaded...
...Government officials and executives of Alyeska Pipeline Service Co., the eight-company consortium* that built the line, overestimated demand for the oil's natural market: the West Coast. Between the time that oil was discovered and this week's turn-on, the nation went through two recessions, and the growth of oil demand has slowed, especially in California. Existing West Coast refineries could handle only a little more than half the pipeline's output by year's end -and they would require expensive adjustments to do even that...
Inflation is raging at an annual rate of about 30%. Nearly 8% of the nation's work force is unemployed. A deep and chronic balance of payments deficit ?caused largely by oil-price hikes and sluggish exports?threatens the long-term solvency of a nation vitally dependent on foreign trade. To make up for a record $4.3 billion budget deficit last year, the government had to draw on reserves (now down to $4.5 billion from a peak of $6.7 billion in 1973) and borrow heavily abroad...
...forbidding island of Spitsbergen is another bone of contention. The Soviets keep pressing Oslo for a "special arrangement" that would enhance their economic rights on the island, which was demilitarized in 1920 by a 40-nation treaty and placed under Norwegian sovereignty. Rebuffed, Moscow nonetheless insists on maintaining 3,400 Russians on Spitsbergen (v. 1,000 Norwegians), most of whom are military men disguised as civilians. Under the treaty, their presence on the island is perfectly legal, so long as they obey Norwegian laws. One of their assignments: to discourage Norwegian interest in the Kola Peninsula's military installations...