Word: petroleum
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Dates: during 1970-1979
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Judging from past sessions, nobody expected the meeting in Vienna last week of the ministers of the 13-nation Organization of Petroleum Exporting Countries to be a quiet affair. But few foresaw what by week's end had become a dramatic and bitter tug of war between the cartel's two major producing nations, Saudi Arabia and Iran. After four days of fierce wrangling, the members compromised Saturday on a hike in world oil prices of only 10%, or about $1.05 per bbl., well below the 35% or so that had been bruited about a few months...
...Kans., for another fund raiser; on Saturday he flew to Dallas, and amid inevitable reminders of John Kennedy, Ford addressed some 2,000 members of the National Federation of Republican Women and spoke at Southern Methodist University. Then he journeyed to Midland, Texas, where he dedicated the Permian Basin Petroleum Museum and was thanked with a shower of rose petals-a fitting gesture in a week when Congress sustained his veto of an oil decontrol bill...
...that makes its way into shallow waters. But scientists have been trying for years to develop more effective methods of dealing with spills. Now one team seems to have succeeded. General Electric announced last week that scientists at its Schenectady, N.Y., laboratories have created a microbe that can eat petroleum in quantity...
...policy resembles nothing quite so much as a soap opera: at the end of each episode, events swirl toward a grand denouement only to emerge in the next episode as tangled as ever, with nothing really resolved. Last week, after battling through their third showdown in two months over petroleum prices, the White House and Congress found themselves still caught in a deadlock that raises serious questions about how far and how fast oil prices will be allowed to rise, how the U.S. will reduce its dependence on foreign oil, if it does so at all, and whether...
...quite. The situation might more properly be termed non-Government by veto. Ford has still not won over many Democrats to his approach of letting prices of U.S.-produced oil rise gradually as a means of stimulating exploration and production and forcing consumers and industry to burn less petroleum. The President's latest plan-to lift the controls over a period of 39 months, with the major impact coming after the November 1976 elections-was voted down in July. Many Democrats have deep ideological objections to price rises that fatten oil-company profits. At the same time, the Democrats...