Word: nonpetroleum
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Whatever the courts rule, the cartel's shenanigans are certain to refuel congressional demands that the nation's oil companies divest themselves of their nonpetroleum activities. At the least, the trials will give yet more ammunition to oil-industry critics who charge that some of the world's largest and most powerful corporations think they have become a law unto themselves...
Ford: Having accomplished little in the past two years to free the nation from its increasing dependence on foreign oil, the President still lacks a comprehensive policy for energy. His $100 billion crash program to subsidize nonpetroleum sources of power was roundly defeated by Congress last year because it was considered extravagant. As an alternative strategy, Ford has pushed-and Congress has blocked-complete deregulation of oil and gas prices to allow what he calls "the efficient means" of market forces to encourage conservation and development of new energy supplies. The President is also calling for programs to increase...
...worry that some day one government, most likely Italy's, will default on paying interest on its loans, putting several banks under and setting off a Continent-wide banking panic. Even if that is avoided, the most strapped nations will be sorely tempted to cut their imports of nonpetroleum goods so that they can save cash to pay for the oil, a strategy that could cripple world trade. Italy in April did in fact clamp restrictions on many non-oil imports, to the anger of its eight partners in the European Common Market, who fortunately did not follow suit...
...consumer resistance if prices rise too rapidly. He pulled his country out of the cartel almost as soon as it was formed and announced that he would not raise export taxes. If he sticks to his plan, the banana republics may wind up illustrating once again the difficulty that nonpetroleum commodity producers have in forging even the fragile degree of unity achieved by the Arab oil countries...
...auto. So, they argue, the slump is taking on the characteristics of an old-fashioned recession caused mainly by inadequate buying. Heller and Okun fear that oil and gasoline price jumps will divert by $15 billion to $20 billion the amount of money that consumers have to spend for nonpetroleum products...
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