Word: oil
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Dates: during 1970-1979
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...developing countries' oil-import bill jumped from $4 billion in 1972 to about $44 billion this year, and some have-not nations are openly complaining about OPEC. The worsening crisis over crude prices may create an ideological dilemma for Third World leaders like Tanzania's Nyerere who were originally strong supporters of commodity cartels...
Cutting back on consumption is not enough. Tanzania uses roughly half as much petroleum as in 1972, but its oil bill has risen 900%, and now eats up half of all earnings from the country's exports. Complains Rodrigo Carazo, President of Costa Rica: "Our 1972 oil needs cost $11.8 million. Our 1979 needs will cost at least $103 million. The barrel of oil that we could buy in exchange for 57 Ibs. of bananas or 3 Ibs. of coffee in 1972 now costs us 440 Ibs. of bananas or 24 Ibs. of coffee...
Economic expansion, which depends on cheap fuel, is slowing almost everywhere. Taiwan's growth has declined from 12% last year to 8%, and South Korea's from 12.5% to 6%. Oil-fueled inflation is raging. Taiwan's wholesale prices rose 3.5% last year, but are expected to jump 16% this year; at least ten points of the total are directly attributable to increased energy costs. Many Third World leaders echo Kenya's Kibaki: "We have had to postpone vitally needed development projects. We are not importing any nonessentials...
Nobody will be following OPEC'S maneuverings in Caracas this week more closely than the executives of a highly secretive oil Goliath that many people have never heard of. The Arabian American Oil Co., or Aramco, is the Delaware-based firm that is jointly owned by Exxon, Mobil, Texaco and Standard Oil Co. of California. Under a geographic concession nearly as large as the state of Oklahoma, Aramco pumps almost all the oil that flows from the Croesus-rich fields of Saudi Arabia. But in Riyadh and Washington alike, Aramco is now feeling heat...
...producer and distributor of some 9.5 million bbl. of crude per day, Aramco is by far the world's largest oil-producing corporation. It is not required to publish financial records because its stock is not publicly traded. But by expert estimates, during the past two years Aramco has paid between $800 million and $900 million annually to its four shareholders, as well as providing them with lucrative tax benefits...