Word: oils
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Dates: during 1970-1979
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Events abroad, also well beyond Carter's control, had conspired to aggravate inflation. OPEC'S quintupling of oil prices inspired the money-poor but materials-rich nations of the Southern Hemisphere to pump up prices for commodities as disparate as copper, tin, rubber, jute, cotton, bauxite, coffee, cocoa, tea, sugar. Instant communications-TV and transistor radios-spread the message of the good life. People in Timbuktu no less than in Toledo demanded more-more than society could reasonably produce. Communication, education and sophistication enabled the world in the 1970s to virtually defeat smallpox-and helped make just about...
...charter is to build up a military bloc on Israel's northeastern border that would be strong enough to worry the Israelis into making concessions, but not threatening enough to provoke an Israeli pre-emptive strike. Iraq is the Arab world's second largest oil producer (after Saudi Arabia) and has a large, Soviet-supplied army. It would like to station some of its forces in Syrian territory opposite the Israeli border, but after their years of quarreling with the Iraqis, the Syrians are reluctant to accept such an arrangement. According to Iraqi sources, the new agreement will merely permit...
...Washington talks are also bogged down on technical details. Last week, for example, oil experts and economists from both delegations began discussions on how to resolve compensation claims and marketing procedures for Sinai oil. The Israelis are asking for more than $100 million to cover past capital investments in the oilfields, and want to be given privileged status as a Sinai oil customer in the years to come. The Egyptians are demanding $2 billion in compensation for the oil that Israel pumped out during eleven years of occupation. They will sell Sinai oil to the Israelis in the future...
...Still, the Japanese business community wonders how the Chinese will pay for their gigantic import program. Since the early 1970s, China has been making most of its major purchases from Japan on credit. Because Peking has inadequate foreign-currency reserves, the Japanese must either grant loans or buy Chinese oil. Both solutions present pitfalls for Japan. Peking has hinted it wants the type of cheap loans, repayable over 30 to 40 years at 2% to 4% interest, that Japan makes to developing countries as a form of foreign aid. The prospect of giving China such easy terms has alarmed many...
...type of loan that Japan wants to extend to China could be repaid partly in the most liquid of China's assets, oil. The trouble with this scheme is that Chinese oil is waxy, heavy and, given its low quality, overpriced. Says the president of one Japanese oil company: "The men in the industry are in an angry mood. They were never consulted. They were simply told they would have to pay the price for Japan-China trade and finance Japanese exports by buying Chinese oil...