Word: petroleum
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Dates: during 1970-1979
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...nation's economy faces a tough test. Unless the boycott ends soon, some factories will have to close, either for lack of heat, a paucity of fuel to run machines or shortages of petroleum-based raw materials as disparate as chemicals, plastics and textiles. Says Associate U.S. Budget Director John Sawhill: "Sure, the Government can ration oil, but we could wind up rationing steel, aluminum and other things as well." Evaporating gasoline supplies could put a further painful dent in auto sales; car sales in October fell 11.4%. Less travel, the result of diminished auto traffic and cuts in airline...
...Southwest and West could fuel booms in those regions. But the East Coast stands to suffer. More dependent on Arab oil than the rest of the country, the highly industrialized region from Boston to Washington might have to chug along on only about 75% of its usual petroleum supply. The full impact of the shutoff is expected in about three weeks, when the last of the shipments from the Persian Gulf are unloaded at American ports. To stretch available oil stocks through the winter, U.S. refineries are already scaling down output, and suppliers are starting to ration petroleum products...
...worldwide oil supplies is also kicking up the cost. Since January Venezuela has doubled its price, to $7.20 per bbl. In the past three weeks, Nigeria's has almost doubled, to $8.40 per bbl., and Indonesia's has increased 20%, to $6 per bbl. Price controls on U.S.-produced petroleum will be slowly loosened in the near future in order to tempt oilmen to expand exploration and boost supplies. Rising oil prices will lift the cost of such other fuels as propane, natural gas and even coal...
...Siege. In the past year, the Labor Department's index of wholesale prices of gasoline, heating oil and other refined petroleum products has risen a walloping 40.4%. According to some estimates, within the next few months regular gasoline will probably climb an average of 9¢, to 50¢ per gal. Home heating fuel is expected to almost double in price, to 40¢ or more. Kerosene, diesel oil and jet fuel will all climb proportionately. Rising fuel costs will increase the price of electric power. Altogether, soaring fuel prices will pump $8 billion to $10 billion of pure inflation into the economy...
...Common Market shucked their threadbare cloaks of neutrality. They jointly called on Israel to accept a settlement agreeable to the Arabs. Though the open capitulation to Arab demands has a craven air about it, the Europeans have no real alternative. They depend on the Arabs for 73% of their petroleum. Unlike the U.S., they have little oil of their...