Word: petroleum
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Dates: during 1970-1979
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...increasingly dangerous U.S. airlift (by private airlines contracted by the U.S. Government), which has already cost more than $7 million for logistics alone, flies ammunition, petroleum and food from Thailand and South Viet Nam to the besieged capital. For the current fiscal year (ending June 30), U.S. military aid totals $275 million; almost all of it is exhausted. Since 1970, the U.S. has given Cambodia $1.8 billion in military and economic assistance. The Administration has requested $222 million in supplemental aid for this fiscal year to provide the government with bullets, artillery shells and bombs...
Economically, too, Saigon has shown some surprising strength in recent months. True, the rate of inflation has been running at around 40% a year, while soaring oil costs have resulted in a gaping foreign trade deficit. But a strict austerity program for petroleum and a cutback on imports has reduced the outflow of foreign exchange. More important, South Viet Nam in 1975 should become a net rice exporter for the first time since...
...Iraq-Iran reconciliation took place two weeks ago in Algiers at the summit meeting of the Organization of Petroleum Exporting Countries. Shortly before that conference ended, Algerian President Houari Boumedienne dramatically announced that the two neighbors had agreed to settle "problems" that had made them bitter enemies for almost half a century. As the OPEC delegates cheered wildly, Shah Mohammed Reza Pahlavi and Iraqi Strongman Saddam Hussein Takriti embraced each other...
...kinetic, polyglot capital, have long made Venezuela a fascinating place for off-the-beaten-trackers to visit. More important, for six decades the country has been sort of an ancillary Texas, supplying the U.S. with immense quantities of cheap and handy oil. Now, riding on the rapid ascent of petroleum prices, Venezuela is fast becoming one of the most formidable nations in the Western Hemisphere...
Amid obvious signs of concern about falling world oil demand, leaders of the Organization of Petroleum Exporting Countries gathered in Algeria last week for their first summit conference. Declining oil revenues in recent months have caused small but telling fissures in the cartel's unity, and they were apparent from the start of the meeting. Four of the 13 OPEC chiefs, including King Faisal of Saudi Arabia, the biggest oil producer, did not even show up, but sent representatives instead...