Word: petrodollar
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...several years Exxon, traditionally a major source of funding for Middle East-related research, has reduced its support for Centers like Harvard's, according to Exxon spokesman Donald L. Snook. Spokesmen for Chevron and for other "petrodollar" companies say their companies have made similar funding cuts. They say such reductions will continue for the foreseeable future...
...threatened the industrial might of the West, the oil slide is changing the balance of economic power. The price drop, from a peak of $35 per bbl. in 1981, has greatly reduced the flow of billions upon billions of dollars from consuming countries to the producers. The so-called petrodollar drain of 1979-83 had contributed to the worst global economic slump since the Great Depression. But cheap oil will act as a giant tax cut, or perhaps a lottery jackpot, for the consumers and businesses of such large industrial countries as the U.S., West Germany and Japan. Many economists...
...receives petrodollar funds from Saudi Arabia. Libya and Kuwait which total about $500 million annually--excluding private subsidies to different PLO factions and military equipment. But that does not erase the fact that Palestinians live in camps or that no Arab country wants PLO influence imported. A PLO representative in the group's New York U.N. Mission, who spoke last week on the condition of anonymity, ingenuously acknowledged that the PLO's relations with Egypt. Syria, Lebanon, Jordan, Iraq and Iran are rocky. "We agree on the general end--the establishment of a Palestinian state-but we disagree over...
...world economy during the 1970s. OPEC also poured billions of dollars that it collected from oil buyers into Western banks operating in the Euromarket, the hub of international finance. Those institutions then lent the funds to borrowers that ranged from Third World governments to multinational corporations. This so-called petrodollar recycling was a major source of cash for world money markets during the past decade...
...Vries' latest predictions on the problems caused by OPEC surpluses are being studied closely by bankers and political leaders, since he has long been optimistic about the ability of the world financial system to handle the recycling of petrodollars. During the 1974 oil crisis, most experts forecast that OPEC coffers would be bulging with about $1.5 trillion by 1979 and that loans to LDCs would be insufficient to cover their deficits. De Vries, however, was among a minority of economists who correctly argued that OPEC would rapidly increase its imports and who predicted that international banks could handle...