Word: oils
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Dates: during 1970-1979
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...will be appealed to the Supreme Court, which will decide the question of Indians' rights to tax non-indians. Should the Supreme Court rule in favor of the indians, approximately 60% the country's uranium, 30% of the nation's coal, and the significant amounts of the country's oil and gas which are on indian lands could be subject to taxation and increased indian control...
...except perhaps a heightening of the aura of prestige surrounding them in international money markets. The value of the riyal in dollars does not affect its purchasing power at home, and the Saudis pay for imports and foreign investments not with riyals but with the dollars they get from oil sales. Indeed, the Saudis let few riyals out of the country; they do not want the riyal to become an international currency, lest its value be set by speculators and other money traders. Authorities have kept the formula by which they peg the riyal's value a deep secret...
Will the leaders of the next oil superpower be wearing sombreros instead of desert kaffiyehs? Mexico became a net exporter of petroleum in 1975 as a result of discoveries of big deposits in the southern regions east of Veracruz, and since then, one leading U.S. energy analyst says enviously, "the Mexicans have been finding oil as fast as they put holes in the ground." Last week Jorge Diaz Serrano, head of Pemex, the government oil monopoly, announced the discovery of a new field that he says may contain up to 100 billion bbl.; that would be more than half...
...latest strikes were made near the Gulf Coast city of Tampico in the Chicontepec field, where Mexican oil was first found around the turn of the century. The newly discovered oil, which is located below tight, nonporous rock formations, will be difficult to bring to the surface, requiring 16,000 wells to be drilled over a period of perhaps 13 years. While the Mexicans do not belong to OPEC, they are able to exact a high price ($13.10 per bbl.) for the oil that they sell, most of which goes to the U.S.; naturally they plan to step up production...
...past year, the average price at the major companies' stations has risen from about 62½? per gal. to more than 67? some Manhattan gas gougers now charge more than 90?. Given the fact that OPEC is about to raise the cost of crude oil again, and that this may add 2? or so to prices at the pump, for most U.S. motorists 1979 will clearly be the year of 70?-plus...