Word: oils
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Dates: during 1970-1979
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...Euro-Parliament on will be Europe's increasing sense of frustration that its economic strength has yet to be translated into more decisive voice in world affairs. "The major questions of the day are being decided by the superpowers," complains Tindemans. "The Middle East, the source of our oil, the SALT signing in Vienna, raw materials. All these things are being done over our heads, and we Europeans must have a voice...
...reports about Mrs. Javits made hardly a ripple in Tehran, where the regime was preoccupied with more pressing matters. Hassan Nazih, head of the National Iranian Oil Co., decried the regime's tendency to "put all political, economic and judicial problems into an Islamic mold." In the port city of Khorramshahr and in Abadan, site of the world's biggest oil refinery, fighting broke out between ethnic Arabs, who want more autonomy from Tehran, and Ayatullah Ruhollah Khomeini's armed forces; at least 25 people were killed in running gun battles. Because he suffered from exhaustion...
...Wage and Price Stability insist that they can still enforce the guidelines by making companies targets of public censure, but some of the targets could not care less. Even as Judge Parker was gutting the program, White House Inflation Czar Alfred Kahn was publicly attacking Amerada Hess, an oil company, for breaching the price standards. A Hess spokesman retorted, almost sneeringly: "We regret that the guidelines, as established by the council, do not allow us to comply." Groaned one Administration official: "They're thumbing their noses...
...fine tuning seems momentarily to be replenishing crude-oil stocks largely because the Administration is now urging oil companies to go out and buy whatever crude they can acquire on the world market. Diesel fuel and heating oil remain critical problems. Diesel is still generally available to farmers and truckers, though at prices that brought a column of truckers to Washington last week to double-park their rigs in front of the White House in protest. But heating-oil stocks have dwindled to only about 85% of last year's levels, and they must be rebuilt by autumn...
...squeeze is being aggravated by competition from Western European importers, who are paying premium prices to buy up heating oil that is refined in offshore Caribbean refineries and normally goes to the U.S. market. To ease the pinch, the Administration is now providing a temporary $5-per-bbl. subsidy for U.S. importers to match the European price. This has infuriated Europeans, who rightly argue that U.S. policy is fueling a price war that will hurt everyone...