Word: petroleum
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Dates: during 1970-1979
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Ever since the Organization of Petroleum Exporting Countries quintupled the price of oil, economists and bankers have expected the U.S. balance of payments deficit to grow steadily worse. And it has. Higher petroleum prices have drained increasingly large sums from the U.S. and produced ever bigger payments deficits since early last year All the same, last week's report of a record deficit in the final quarter of 1974 was a shocker. It dramatized the extent of the financial hemorrhaging that has hit the U.S. since OPEC boosted prices...
Last year its output of goods and services leaped nearly 40%, to $25 billion -mainly because its oil revenues hit $10 billion. Among the members of the Organization of Petroleum Exporting Countries, Venezuela stands out for its additional wealth in iron ore, asphalt, diamonds and hydroelectric power. In Caracas, a new skyscraper seems to rise every day, a new millionaire to appear every hour, and traffic jams to grow worse every minute. Drawing boards bulge with expansive economic plans, and the democratic, staunchly nationalistic President Carlos Andrés Pérez -whom everybody calls "Cap"-yearns to extend Venezuela...
...income and economic independence, Pérez last week sent to the country's Congress his long-awaited bill to nationalize the oil industry, and reiterated that the takeover will occur later this year. Venezuela plans to pay the foreign companies-Exxon's subsidiary, Creole Petroleum, and Royal Dutch/Shell are the two biggest-only the net book value less several deductions, or about $1.4 billion. The offer might seem reasonable. Under existing contracts, the foreigners in 1983 were supposed to give over all their properties to the Venezuelans, without compensation. But the oil-company managers argue that...
French Food. Soon the industry will be run by a state company under the Bureau of Mines. Demonstrating a certain flexibility, Pérez recommended that if the national oil industry runs into trouble, the government might enlist foreign companies to help produce or market the petroleum...
...vice president, Claude C. Wild Jr. Now SEC investigators state that from 1960 to 1973 Gulf and Wild funneled no less than $10 million into political activities, a "substantial portion" of which was spent illegally. Gulf appears to have been the largest illegal contributor, far surpassing second-place Phillips Petroleum, which was charged with doling out $2.8 million...