Word: pass
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Dates: during 1970-1979
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Though the cartel made a halfhearted effort to pass off the new price structure as a ceiling on the rising cost of crude, not even the delegates seemed to believe it. With world demand exceeding supply, nations appear willing to pay virtually any price. Said one Indonesian delegate: "We're faced with a shortage of oil that seems irreversible. It is hard to believe that prices can be kept down." The former U.S. Ambassador to Saudi Arabia, James Akins, now a private oil-industry consultant, asserts, "The first time that any oil-importing nation offers a price above...
...refiner is paid by the wholesaler, who adds a margin averaging 4?. The retailer is then allowed the same margin he got in 1973, plus a 3? inflation increase, a pass-through allowance for higher rental costs and a further price boost for antipollution requirements. All that adds up to about a dime...
...pact's most ardent opponents intend to block the treaty by attempting to pass "killer amendments." Utah Republican Jake Gam will offer a package that would amount to a substitute treaty. Said he of the one signed in Vienna: "Whatever else it is, it is not arms control." His feeling is shared by an unlikely ally, Liberal Democrat George McGovern of South Dakota, an advocate of disarmament who feels that SALT II does not go nearly far enough. "I don't think SALT II is worth fighting over," he said. "We ought to just scrap...
...week in strife-racked Nicaragua, ABC Correspondent Bill Stewart sensed it would be safer to approach on foot. Though his van was emblazoned with FOREIGN PRESS signs, he did not want to do anything that might spook the government troops. In one hand Stewart carried his government-issue press pass; in the other, he held a white flag. His interpreter walked several yards ahead, explaining that they meant no harm...
Although the bill has the support of a five-man majority of the council, it will probably not pass until the fall. The council holds its final session before a summer-long recess tonight...