Word: petroleum
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Dates: during 1970-1979
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...offenders? Who knew about the misdeeds? How much did they know? The affair that Britons were dubbing "Oilgate" threatened to reach into the highest places. At issue was whether ministers of the Crown in the years following Rhodesia's unilateral declaration of independence in 1965 were aware that British Petroleum (BP) and London-based Shell International were helping to supply oil to that outlaw colony in defiance of British statute and U.N. sanctions...
Last week the British government released a 500-page investigative report that seemed to confirm the worst suspicions. Not only has Rhodesia received a steady supply of petroleum products since its secession, but for at least eleven years British subsidiary companies were among the chief suppliers. Worse, Her Majesty's government, at the very time that it was piously trumpeting its sanctions against Rhodesia, had quietly acquiesced in a plan to circumvent them...
...plans for black majority rule, declared its independence on Nov. 11, 1965. Within days, Parliament enacted the Southern Rhodesia Act, reaffirming Crown rule and authorizing the government to impose a variety of sanctions on the rebel colony. On Dec. 17, 1965, an executive order outlawed the shipment of petroleum and petroleum products to Rhodesia...
Sadat's next steps in the Middle East will, to some degree, be influenced by Saudi Arabia. The Saudis were the silent partners at Camp David, for neither the U.S. nor Egypt can afford to ignore their views. Their bulging treasury supports Egypt's crippled economy, and their petroleum and financial reserves have served U.S. interests by tempering oil price hikes and helping support the weakening international position of the dollar. Sadat's journey to Jerusalem was publicly praised by the Saudis, though they had reservations about his chances for success. Because they are worried about the mounting influence...
Certainly not from oil or natural gas. Despite the current oil glut, the world's known reserves of both petroleum and natural gas are expected to be declining by the end of the century, and it would be folly to burn what remains to generate electricity. They are far too valuable as essential ingredients for plastics, fertilizers and other chemicals and as fuel for cars, trucks and planes...