Word: petros
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Dates: during 1970-1979
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...goes throughout the Third World. Just as ordinary inflation bites deepest among poor people, the petro-squeeze hurts the yearning, less developed countries (LDCS) most of all. They can afford the painful pinch of rocketing costs for energy and petroleum-based products such as fertilizers and other chemicals much less than affluent industrial nations can. Climbing oil costs consume precious foreign exchange, make it harder to buy farm equipment or factory machinery, and curb development spending on agriculture, industry, education and health...
Gasoline consumption is the root cause of the nation's petro-woes, and any move to curtail it substantially would have broad and deep economic consequences. Though rising prices and the slowing economy have cut gasoline use by 4.7% this year, the fuel still accounts for just under 40% of the 18 million bbl. of oil that the U.S. burns each day. The Administration estimates that an immediate 50? boost in the cost of gasoline, which now sells at an average for all grades of $1.04 per gal., would cut consumption by 7%, the equivalent of about...
OPEC's customers get an on-the-spot petro-mugging...
...granted as the absolute ruler of his country and as a friend of the U.S. Yet in the end, Somoza's national guard, cloned from the U.S. Marine Corps, was as ineffective against the Sandinista guerrillas as the Shah's army and secret police-the best that petro-billions could buy-were against the mostly unarmed followers of a cranky, theocratic graybeard, the Ayatullah Ruhollah Khomeini...
About the only good that can come from the cartel's new squeeze would be to help keep the U.S. from dozing off in the face of the worsening petro-peril...