Word: petroleum
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Dates: during 1970-1979
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...perhaps place a variable tariff on imported oil so that it would still cost U.S. industry and consumers $10 or $11 per bbl., even if the Persian Gulf producers sell it for less. This would cut demand and increase the supply of oil outside the OPEC (Organization of Petroleum Exporting Countries) nations and force them to make ever deeper production cutbacks to maintain high prices. Secretary of State Kissinger wants to ensure that lower world oil prices would not jeopardize his goal of making the U.S. energy-independent, and leave it subject to another devastating oil embargo...
...opportunity to control AT&T, Boeing, Dow Chemical, General Dynamics, General Motors, IBM, ITT, Lockheed, United Air Lines, U.S. Steel, Xerox and ten other major companies. A 51% interest in all these firms could be bought for some $47 billion, and the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) will accumulate much more surplus capital than that by the end of this year...
...stock acquisition by a Middle Eastern nation. Adnan Khashoggi, 39, a U.S.-educated Saudi whose non-oil business empire already includes two small California banks, recently offered $14 million for a one-third interest in the First National Bank of San Jose. Armand Hammer, chairman of Occidental Petroleum Corp., disclosed last week that "one very prominent Arab," whom he would not identify, bought more than 6 million shares of Occidental, an investment worth at least $80 million at current prices...
...Americans were more intrigued than alarmed two years ago when Saudi Arabia's Minister of Petroleum and Mineral Resources, Ahmed Zaki Yamani, suggested a historic reversal of national roles. Yamani proposed that Saudi Arabia be permitted to spend its increasing oil revenues by buying into refining and marketing facilities in the U.S., which has always prided itself on exporting capital, technology and management. His idea provoked a dour response from Washington, but it was at least followed by a rash of American humor. Cartoons showed robed Arabs manning Stateside gas pumps and a camel replacing the tiger...
...this reason, despite President Ford's vow to help fight inflation by cutting federal spending, that the Administration strongly backed the bill. Said Ford: "This legislation is significant in our fight against the excessive use of petroleum, in our economic battle and in our efforts to curb urban pollution and reduce congestion...