Word: petroleum
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Dates: during 1970-1979
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...national referendum to approve Sadat's "October working paper," a broad-sweep charter that outlines the country's goals for the next quarter-century. Right now, Sadat is putting major emphasis on liberalizing the economic field. Unlike its oil-rich Arab neighbors, Egypt has few proven petroleum reserves, although it does have deposits of iron ore, phosphate, cobalt, nickel and copper...
Though most of Indian Railways' locomotives run on coal, rising petroleum rates are significantly responsible for the current financial woes of the government-owned system. Reason: climbing prices for fuel oil and petroleum-based fertilizers have aggravated the worst inflation in the nation's modern history, 27% last year. In response to spiraling prices (the cost of a kilogram of wheat increased from 10? to 13? last month alone), railway workers are demanding a 75% wage boost; their pay now ranges from about $35 a month for unskilled laborers to $160 for engineers, roughly the prevailing scale...
...sued a "notice of probable violation" against Gulf. It accused Gulf of over charging by $46.5 million on crude oil sold by two of its African affiliates to its own domestic units and then passing on some of the alleged overcharge to American motorists and buyers of other petroleum products. Gulf protested that the transactions between its subsidiaries were entirely proper. It will have ten days to persuade the FEA of that; if it can not, the agency can order gasoline and other product prices cut deeply enough to in effect refund the overcharge. The case is the first...
...months many economists have feared that the energy crisis would leave a disastrous economic hangover; skyrocketing petroleum prices, they worried, would start a vicious circle of protectionism among countries threatened by huge trade deficits. Last week brought an ominous sign that those pessimists might be right. Without consulting its eight partners in the European Economic Community (Common Market), the Italian government announced that importers of many foreign products would have to deposit half the purchase price with the state bank. The money would be held for six months and then refunded-without interest. With credit tight, the move amounts...
...scheme is intended to cut Italy's mammoth trade deficit, thus easing the country's 15.5% inflation and relieving pressure on the beleaguered lira. Of all the countries in Europe, Italy is the most dependent on Arab oil and therefore the hardest hit by the quadrupling of petroleum prices in the past seven months. The government has been predicting that unless something drastic is done to curb imports, the trade deficit may reach a whopping $8 billion this year, more than half of which would go to meet the petroleum bill alone...