Word: oils
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Dates: during 1970-1979
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...when two groups of powerful leaders gather on opposite sides of the globe this week, both will know the real issue facing them: Must the entire non-Communist world go through a repetition of the oil-fired recession of 1974-75? The answer will not be 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...
...begin odd-even allocation. Independent truckers, who charge that rising fuel prices are depriving them of a livelihood, started a strike that soon led to food shortages, scattered violence and threats of worse to come. Although the Department of Energy had contributed to the gas shortage by urging oil companies to build up their depleted stocks of heating fuel, it was disclosed last week that home fuel prices will be a paralyzing 80� per gal. by next winter (up almost 50% from last winter) and there will be shortages...
...either case, the increase has menacing consequences for the oil-burning world. It will further fan the inflation that is raging at double-digit fury in the U.S., Britain, France and Italy. U.S. Treasury Secretary Michael Blumenthal estimates that petroleum increases alone have so far this year jacked up the inflation rate by 2.5% in the industrial countries. A further $5.45-a-bbl. boost is likely to siphon an additional $80 billion a year out of the major industrial nations, reducing their citizens' ability to buy food, clothes, houses?indeed, everything except oil. Result: further slowing of growth rates that...
Equally troublesome, the OPEC countries show no disposition to raise production to ease the shortages. Quite the contrary: they know the shortages are what enable them to charge more for oil than anyone would have dreamed possible as the '70s began (the 1970 price per bbl. was $1.80). Saudi Arabia's Crown Prince Fahd last week shot down a hopeful rumor that his country would increase production, and Iran is holding exports to barely half of prerevolutionary levels. Oil-industry publications buzz with talk of further cutbacks in Algeria and Libya...
...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 than they are pleased by any diplomatic triumph the President might claim...