Word: petroleum
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Dates: during 1970-1979
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According to the composite, any move would concentrate on the Persian Gulf Arab states that pump 54% of the oil produced by the Organization of Petroleum Exporting Countries and control 40% of the world's proven oil reserves. The primary target would be Saudi Arabia, which has 56.5% of this oil. According to the plan, the Saudis would be overwhelmed by a U.S. air-sea strike force prepared to hurl four divisions of troops at the Ghawar wellhead and the loading jetties of the U.S.-built oil facility at Dhahran...
...immediate cause was the new U.S. Foreign Trade Act. The act eliminates tariffs on about $750 million worth of Latin American goods, but excludes members of the Organization of Petroleum Exporting Countries from these benefits. OPEC members Venezuela and Ecuador are directly affected, though neither supported the Arab-led oil embargo...
...feel that there is something dangerously socialistic about gasoline rationing. The best answer, as they see it, is to permit the raising of prices until a balance is reached between supply and demand. But their thinking omits one major factor. In a period of shortages and spiraling prices, petroleum products are most likely to go, not to those who most need them, but to those who can pay the most to get them...
...President Roosevelt's price and rationing administrator during World War II, and later as President Truman's director of economic stabilization, my most complex task was to work out a rationing system, including all petroleum products, that would assure a fair distribution to the consumer, wholesaler and producer...
...step discussions on disengagement, U.S. officials, led by President Ford, were talking tough. Their emphasis was not merely on hopes for success by Kissinger but equally, it seemed, on hints of how the U.S. might respond if the Secretary's negotiations broke down, war became imminent and petroleum shipments were threatened once more...