Word: petroleum
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Dates: during 1970-1979
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...RUDEIS OILFIELD. Israel will give up the 72 oil wells along the Gulf of Suez that now provide about half its petroleum. It will also give Egypt a narrow corridor of land along the gulf running south to Abu Rudeis. Israel is building a road around the oilfields so that it can supply its forces further south at El Tur and at Sharm el Sheikh, which controls the entrance to the Gulf of Aqaba. But in a unique and symbolically important part of the agreement, Israel will share parts of the existing road inside the Egyptian corridor until...
...seemingly endless battle over the future of energy policy in the U.S. Spurred on by Senator Henry M. Jackson and other presidential hopefuls, the Democrats sought to lower oil and gas costs by legislating a rollback of prices to levels far below those set by the Organization of Petroleum Exporting Countries. For his part, President Ford believed that only an eventual decontrol of prices-which would mean higher consumer costs-would encourage energy conservation, provide an adequate incentive for increased domestic oil production and ultimately render the U.S. less dependent on foreign oil supplies...
...months the Administration, which strongly advocated phased decontrol, had played down the possible impact of rising petroleum prices. But then came the resurgence of inflation in July, sending consumer prices soaring upward at an annual rate of 15.4%. That deeply impressed some of Ford's White House advisers, who were fully aware that rising petroleum costs were a prime cause of the price surge. The advisers also became increasingly worried that the looming shortages of natural gas, which supplies a third of the nation's energy needs, might trigger a stampede of industries to switch to oil, adding...
...would trigger only about a 3?-per-gal. rise, some other estimates keep coming in higher. Representative John D. Dingell, chairman of the Interstate and Foreign Commerce Committee's Energy and Power Subcommittee, calculates that gasoline prices could skyrocket to 90? per gal. Most experts doubt that the petroleum retailers will boost prices anywhere near that much, since the summer driving season will soon be over and demand for gasoline is softening. Petroleum Industry Research Foundation Chief John Lichtblau forecasts a 3½?-to 4?-per-gal. rise this fall, and perhaps another 1?-1½? increase next spring...
...household; the bite could rise to $2.50. Industrial users, of course, will pay much more-depending on the amount of gas they consume. The utility will periodically turn over the proceeds, which ultimately will amount to $313 million, to Atlantic Richfield Co. (Arco), the nation's ninth largest petroleum company. Arco will use the money to pay interest and other costs of borrowing funds to develop its big gas deposits on the North Slope of Alaska. In return for the advance of the money, SoCal Gas gets the exclusive right to negotiate for 60% of Arco's North...