Word: oils
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Dates: during 1970-1979
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...lower cost than those fueled by almost any other means. The Edison Electric Institute, a utility-company group, estimates that atomic plants produce electricity at a cost of 1.71? per kwh, vs. 1,74? to 2.08? for coal-fired plants and 3.96? to 4,54? for plants burning oil...
...nuclear construction is slowed still further, or even halted? The immediately available alternatives are unappealing. The nation shows little willingness to adopt stringent measures to conserve power. Natural gas supplies are limited and uncertain. Coal is abundant, but burning it dirties the air. The hazard of relying on oil was underscored once again last week by OPEC's price increases...
...surface, Europeans worried about the treaty's consequences. The British feared that the treaty's vagueness over autonomy for the Palestinians could lead to an explosion within the Arab countries and seriously undermine moderate political forces there. The Common Market nations, which get 68% of their oil from the Middle East, gently tried to dissociate themselves from the treaty, fearing that open enthusiasm could make enemies among the Arab oil producers. Reported TIME Rome Bureau Chief Wilton Wynn: "There is a distinct lack of dancing in the streets here. Europeans don't want to be caught, along...
Europeans-as well as Americans-had good reason to worry about what would happen to the supply, and price, of oil. Meeting in Geneva, the OPEC nations raised the price of crude oil by 9%-and that was the good news. The bad news was that they agreed to allow members to add whatever surcharges "they deem justifiable." Saudi Oil Minister Sheik Ahmed Zaki Yamani, who had argued in vain against the surcharge, predicted that the move could cause a "free-for-all" in the world oil market...
...Saudis, along with their moderate allies from Kuwait and the oil sheikdoms along the Persian Gulf, succumbed to radical pressure. They were able to head off a retaliatory program directed at the U.S. But after the P.L.O., Syria and Libya stalked out of the meeting to underscore their demands for drastic action against Sadat, the moderates joined in the unanimous approval of a political, diplomatic and economic boycott that will virtually expel Egypt from the Arab world...