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Word: petroleum (lookup in dictionary) (lookup stats)
Dates: during 1970-1979
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Usage:

...breed of ship, now constitute more than half of the world's merchant-ship tonnage. In U.S. ports, tanker traffic has increased proportionately as the nation has turned heavily to imports to meet its growing thirst for fuel. In 1966 the U.S. imported 940 million bbl. of oil and petroleum products. Now nearly three times as much is arriving in U.S. ports?about 300 million...

Author: /time Magazine | Title: Oil Is Pouring on Troubled Waters | 1/10/1977 | See Source »

...Traitor!" screamed the Iranian press. "Stooge for capitalism!" The target of that wrath, Saudi Arabian Oil Minister Ahmed Zaki Yamani, smoothly replied with just about the worst possible insult in the Islamic world. He implied that the eleven members of the Organization of Petroleum Exporting Countries, who have announced a two-stage increase of 15% in the world price of oil, v. the 5% increase posted by Saudi Arabia and the United Arab Emirates, are playing into the hands of Israel. Said Yamani: "Israel has an interest in higher prices because they push the West to find alternative sources...

Author: /time Magazine | Title: OIL: The Battle of the Barrels Begins | 1/3/1977 | See Source »

...that they will be selling off much of the stored oil before they begin buying heavily again. Until then, the oil companies will be under pressure to hold prices to present levels for consumers. The West German government, for example, has forbidden oil companies to raise prices on stored petroleum. Meanwhile, world demand for OPEC oil will plunge so sharply-as much as 3 million to 4 million bbl. per day, guesses J. Wallace Hopkins, deputy executive director of the Paris-based International Energy Agency-as to make it difficult for the eleven to impose their new higher prices...

Author: /time Magazine | Title: OIL: The Battle of the Barrels Begins | 1/3/1977 | See Source »

...More likely, petroleum importers throw their orders to the lowest-priced producers. Saudi Arabia and the United Arab Emirates. Higher-priced OPEC countries lose enough sales to cause panic. Most endangered would be cash-strapped Iran and Indonesia, which urgently needs money to pay off overdue foreign debts. Eventually the rest...

Author: /time Magazine | Title: OIL: The OPEC Supercartel in Splitsville | 12/27/1976 | See Source »

Meanwhile, company size rankings in the oil business could change. Four American companies−Exxon, Texaco. Mobil and Chevron−that import heavily from Saudi Arabia will be able to undersell such other producers as Shell, British Petroleum and Compagnie Française des Petroles, which rely more heavily on the higher-priced OPEC states. All in all. Yamani seems to have touched off a classic capitalist price war. That is scarcely what cartels are supposed to do. and OPEC least of all; its increases were once heralded as the start of a "new economic order." But that was before...

Author: /time Magazine | Title: OIL: The OPEC Supercartel in Splitsville | 12/27/1976 | See Source »

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