Word: petroleum
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Dates: during 1970-1979
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...remoteness has frustrated them. As one Soviet expert on BAM puts it: "When God was distributing the elements over the earth, he grew tired when he got here, mixed up everything he had left, and dumped it haphazardly." BAM will eventually carry a marvelously mixed bag of these riches: petroleum from major new oilfields in Western Siberia, coal from Neryungri and Chulman, iron ore and gold from Aldan, diamonds from Yakutia, and salt, asbestos, molybdenum, copper, tin and bauxite from various areas. Shipped to Japan and other resource-hungry nations, such exports will help Moscow earn the foreign currency...
...befuddled statements about the dollar are only part of the trouble. More at issue is how well the U.S. is adjusting to a changed world economy. Oil is the test case. For Americans, it is temptingly easy to blame all the dollar's problems on the Organization of Petroleum Exporting Countries, and the arithmetic is irrefutable. If OPEC had not quintupled oil prices beginning in 1973, the U.S. would not now be paying almost $45 billion a year for imported petroleum; if the oil bill were smaller, the country would not be running a trade deficit of nearly...
...OPEC scheduled an early April meeting to discuss raising the price of oil, which has remained frozen for months. Reason: to offset the decline in value of the dollars in which OPEC's 13 members are paid for their petroleum. Saudi Arabia, OPEC's linchpin, is still opposed to a price boost, but whether it can prevail is becoming less certain. Iraq and Kuwait are among the leading OPEC members who demand a rise in prices and perhaps even an end to the dollar's role as the sole currency in which world oil prices are quoted...
...Bankshares Inc., the second largest bank holding company in Washington, D.C.; with assets of $2.2 billion, it controls the Union First National Bank of Washington and close to a dozen other banks in Maryland and Virginia. At a meeting set up by Armand Hammer, who is chairman of Occidental Petroleum and a Financial General board member, Lance told the bank's senior officers he was acting for the London-based Bank of Credit & Commerce International, which specializes in managing Arab funds. At week's end, a group of Financial General shareholders filed suit accusing Lance of engaging...
...House calls "gullible ideologues" were spending millions of dollars to defeat the treaties, the Establishment group was raising hundreds of thousands of dollars on its own, both from direct-mail solicitations and from large corporations with interests in Latin America, like the Chase Manhattan Bank, United Brands and Occidental Petroleum. Meanwhile, former President Ford began speaking out on behalf of the treaties, and former Secretary of State Henry Kissinger worked on key Senators. Together, they made it easier for moderate Republicans to resist the Reagan-led opposition. "If Kissinger had trucked this one," says one White House aide, "we would...