Word: petrodollar
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Dates: during 1974-1974
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Wall Street is well equipped to absorb the petrodollar billions. The Arabs, however, are suspicious of the fluctuating prices on stock exchanges. They prefer to lend money directly to Western companies, buy control of companies not listed on stock exchanges, participate in joint ventures with Western firms, and buy real estate. There is a limit, of course, to how much capital such activities can absorb, and the oil producers will inevitably be tempted to go for a piece of the big industrial action...
...certainly be helpful in establishing whether or not OPEC investors were acting as individuals, or as representatives of governments, who are less desirable because of the political implications behind their holdings. This legislation is especially necessary in order to insulate U.S. foreign policy - particularly in the Middle East - from petrodollar pressure...
...increase to Aramco averages out to 50? per bbl., the Saudis will be taking in an additional $1.5 billion a year; this year their oil revenues will be around $25 billion. But offering lower prices to other buyers would do little to alleviate the petrodollar crisis, says Oil Economist Walter Levy...