Word: oils
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Dates: during 1970-1979
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JOHN CONNALLY HAS PLAYED his cards. He has exposed the hand he plans to use in his bid to capture the Republican nomination for president. In his speech last week to the National Press Club he proposed linking American policy in the Middle East to the price of oil--a clear anti-Israel stance. This political gamble will certainly infuriate Jewish organizations, and, more importantly, will damage American interests in the Middle East...
...analysis is short-sighted. First, anyone who believes that influencing American policy against Israel will solve our oil crisis in myopically naive. Countries that support the Arab states have received no rise in gas allocations or any dip in oil prices. OPEC is hardly a non-profit organization offering lollipops to friends and depriving foes. Rather, it is a business that distributes a limited supply of gasoline and oil to an ever-increasing worldwide demand...
Connally's analysis also plays into Arab hands. He envisions that Arabs who receive a favorable settlement will open the spigot and our oil shortage will magically be over. Don't vote on it. Our energy problem will only be solved be domestic programs, and not by OPEC's charity...
...computers and telecommunications equipment provided a comfortable trade surplus. But since the early '70s foreign manufacturers have strongly challenged American industrial products, and the U.S. has been suffering increasingly severe trade deficits, thus weakening the dollar. It is all too easy to blame the trade deficit on skyrocketing oil prices, though they are a major cause; Japan, which must import all its oil, has maintained a trade surplus by developing high-technology products and aggressively selling them abroad. A prime example: every one of the million video tape recorders sold in the U.S.-including those marketed under American labels...
...there are still customers aplenty for the expensive, high-precision toys known in the automotive trade as exotic cars. Most of the buyers are men in their early 40s who are lured by names like Aston Martin, Maserati, Ferrari and Lamborghini that whisper freedom and promise sybaritic luxury. Oil-rich Arabs are big buyers: a member of the Saudi Arabian royal family this year paid $114,000 for two Lamborghini Countach-Ss lovingly built in Bologna. Sheiks and wealthy Japanese are queuing up to buy Aston Martin's wedge-shaped, futuristic, four-door Lagonda, currently $87,000 and sold...