Word: petroleum
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Dates: during 1970-1979
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...last week. Arab nations announced an easing of their production cutbacks-and around the world, there was growing suspicion that they never did slash oil output as much as they had proclaimed. Europe, heavily dependent on Middle East oil, seems surprisingly well supplied, and TIME uncovered evidence that Arab petroleum has been leaking into the U.S., too, despite a supposedly total embargo...
...Though U.S. imports of crude oil have dropped, imports of refined products in mid-December were running more than 2.9 million bbl. per day -slightly more than in late September, when the Arab wells were pumping full speed. U.S. officials have steadily reduced their estimates of the likely petroleum "shortfall" and made some fuel allocations more generous. The Federal Energy Office last week announced that airlines in 1974 will be able to buy 95% as much jet fuel as they did in 1972, up from an original allocation...
...again. One Arab source told TIME Beirut Bureau Chief Karsten Prager last week that if the Middle East peace talks now taking place in Geneva do not produce results by mid-March, "don't be surprised if the pendulum swings all the way to a 30% reduction" in petroleum output. Most important of all, the latest astonishing price boosts will disrupt the economies of even those Western nations that find Arab oil freely available. By unilaterally hiking the price of crude for the first time, the Arabs not only declared their independence from the big oil companies that have...
...these rates, many developing countries may be forced out of the petroleum market altogether. The impact in the industrialized world will also be severe. Shah Mohammed Reza Pahlavi of Iran, a non-Arab nation that has shunned the boycott but participated in the price hikes, warned last week: "As to the industrial world, I think that they will have to realize that the era of their terrific progress and even more terrific income and wealth based on cheap oil is gone. Eventually, they will have to tighten their belts...
...Before the cutoff they depended on the Arabs for almost half their crude; if the embargo were fully effective, they should be cutting production drastically by now. Yet the Texaco refinery has reduced by only 60,000 bbl. a day-to 140,000 bbl.-the amount of petroleum products it ships to the U.S. Amerada Hess has cut residual oil production a mere...