Word: petroleum
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Dates: during 1960-1969
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Some of the suppliers agreed to talk it over with Interior, but there were signs that the industry would hold its own line rather than the Administration's. Cabling in reply, Phillips Petroleum President Stanley Learned told Luce that he "appreciated your concern" but felt that the industry could not "continue to absorb cost increases." Sinclair, citing higher costs and depressed prices over the last decade, also said nothing doing...
Conspicuous Failure. Powerful opposition to federal regulation has already begun to take shape. While conceding the need for better pollution control, spokesmen for the National Association of Manufacturers, the U.S. Chamber of Commerce and the American Petroleum Institute have all emphasized their preference for local standards and supervision...
...attempting similar moves against Saudi Arabia's King Feisal. With the tacit approval of Damascus, a school for saboteurs was in full swing in the arid hills above the Sea of Galilee. Syria's leaders were even attempting to topple the neighboring socialist regime of Iraq, whose petroleum riches Syria would like to turn over to "the Arab masses...
...even the weather has cooperated with the Baath: 1966 brought a crop failure that severely cut wheat and cotton production and drained Damascus of precious foreign exchange. Western banks have almost unanimously refused to lend further money. To try to recoup some cash, Jadid recently cut the Iraq Petroleum Co.'s pipeline through Syria and attempted to blackmail his Arab neighbor into giving him $100 million -a price that Iraq has refused...
...Communist Europe. Yugoslavia is prospering economical ly, thanks largely to Tito's imaginative agricultural and industrial reforms. Yugoslavia claims an extraordinary 1966 economic growth rate of 10%, helped out by a bumper harvest of wheat, corn and sugar beets, plus a surging production of ships, chemicals and petroleum derivatives. A boom has its price, of course: many Yugoslav cities are for the first time experiencing the agonies of rush-hour traffic jams, packed restaurants and overcrowded shops (workers recently shifted from a sixto a five-day week). Nowadays, Tito can even afford the capitalist luxury of strikes-some...