Word: others
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Dates: during 1970-1979
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The Saudi gambit is risky. By increasing a full $6 per bbl., the Saudi government is, like it or not, obviously tempting other cartel members to do much the same. Warns Walter Levy, an international oil economist: "This is the beginning of a further round of price increases. As long...
Since Americans use much more oil than anyone else, they need to cut back the most. As the Senate last week approved the outlines of a windfall-profits tax on the oil industry, Jimmy Carter was considering a steep new federal tax on retail gasoline. His economists argue passionately for...
In Dacca, Bangladesh, eager buyers crowd around empty tanks to wait for deliveries of scarce and costly kerosene. In Dar es Salaam, Tanzanians line up for hours for deliveries of sugar and other basic necessities that are hopelessly delayed, partly because there is little gasoline for trucks. Gas is rationed...
So it goes throughout the Third World. Just as ordinary inflation bites deepest among poor people, the petro-squeeze hurts the yearning, less developed countries (LDCS) most of all. They can afford the painful pinch of rocketing costs for energy and petroleum-based products such as fertilizers and other chemicals...
...Third World countries bear quite the same burden. While scarcely in the OPEC league, Argentina, Peru, Malaysia and some others can supply most energy needs from their own reserves. At the other extreme, countries such as Sudan, Chad and Bangladesh, among others, are so poor that the shortage of funds to buy oil is just one more lack on a long list of basic needs...