Word: shutoffs
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Commerce Secretary Juanita Kreps has led the battle against Brzezinski, with support from both the State Department and the Treasury. This group argues that any trade shutoff will not soften Russia's stand on human rights and will hurt U.S. economic interests. American sales, it notes, make up only a small percentage of Soviet imports. Though U.S. goods are sometimes superior, Carter's move would hardly cripple the huge Soviet economy, and Moscow can always turn to other countries that are eager to do business. Said one top U.S. official in Washington: "It's a Greek tragedy...
Arab oil; it now draws 26% of its petroleum imports from Arab supplies (v. 16% in late 1974) and is more vulnerable to a new shutoff. More alarming is a looming shortage of natural gas, the nation's No. 2 energy source (it provides the fuel for an estimated 60% of U.S. industry and heats 55% of all American homes). That scarcity could become so severe next winter that natural gas would replace oil as the country's No. 1 energy worry. President Ford warned last week that the low gas supplies "will mean substantially less jobs...
...booms in those regions. But the East Coast stands to suffer. More dependent on Arab oil than the rest of the country, the highly industrialized region from Boston to Washington might have to chug along on only about 75% of its usual petroleum supply. The full impact of the shutoff is expected in about three weeks, when the last of the shipments from the Persian Gulf are unloaded at American ports. To stretch available oil stocks through the winter, U.S. refineries are already scaling down output, and suppliers are starting to ration petroleum products to their customers. The energy drought...
...Marxist President Salvador Allende Gossens had expropriated its huge El Teniente mine without compensation. Kennecott got courts in France, Italy, Germany and Sweden to hold up payments by European purchasers for four separate shipments of copper from El Teniente, contending that the copper was in effect stolen property. The shutoff of European markets for the copper probably helped to build economic pressure on Allende, who lost his life last month in a violent military coup...
...miles by tanker around Africa before it reaches Europe. Fuel from the North Sea promises to supply 10% to 15% of Europe's energy needs by 1980-not enough to materially reduce dependence on the Mideast, but perhaps sufficient to enable the Continent to survive a brief shutoff of Mideast...