Word: rez
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...world should take note that democracy is not dying but flourishing. With Premier Adolfo Suárez, another country has seen the way to go: that of choosing a democratic form of government in a free election...
...Administration is persuaded that the Caracas regime can play a valuable role as a bridge-one of Pérez's favorite words-to the nonindustrial countries. The U.S., says a White House aide, needs "the support of a key leader of the Third World on a lot of major is sues. Venezuela has influence where we have none or little." Carter listened with interest to Pérez's advocacy of a new economic deal for the Third World because "for better or for worse," as one U.S. diplomat put it, Washington recognizes Pérez...
...items on the agenda for Pérez's talks was oil. Venezuela has cut its shipments to the U.S. by about one-third in a conservation program. The country's reserves are due to run out by the end of the century. Today Venezuela accounts for only 41½% (88 million bbl.) of total U.S. oil imports, the lowest level in 30 years...
Fuel Source. Pérez is keenly interested in a U.S. oil-extraction process that could allow Venezuela's big Orinoco tar pools to be developed as a fuel source. The problem is that Caracas nationalized the petroleum industry 18 months ago and now many firms are wary of risking more capital in Venezuela with its new, highly nationalistic investment rules. As for the question of preferential tariff treatment for Venezuela, eliminated by Congress for all OPEC members after the 1973 oil embargo. Carter promised to do all he could to get Congress to rectify the punitive measure...
There was no question that Washington was impressed by Pérez. Said a White House official after he departed: "His country is one of the few surviving democracies of Latin America, a $3 billion-a-year market for U.S. goods, and is interacting with the U.S. in a brand-new way. Thank God, he's a guy with whom we can still hold a dialogue...