Word: spigot
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Dates: during 1970-1979
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Most members of the economists' group concluded that there was cause to be deeply concerned-but not to be unalterably pessimistic. Recession can be avoided if the Arabs loosen the oil spigot and Europeans recover their confidence. Professor Rolf Krengel of West Berlin's Institute for Economic Research emphasizes: "The psychology is extremely important. If people believe there will be a recession and start cutting their expenditures so as to increase their savings, they will help to bring about the very thing they fear." A fear voiced by some American economists that a prolonged Arab oil squeeze would...
Underlining domestic warnings, Saudi Arabia's King Feisal was bluntly hinting as long ago as last April that unless the U.S. altered its Middle East policies, Saudi Arabia would begin to close the oil spigot. The hints were ignored, and Feisal sent his oil minister, Ahmed Zaki Yamani, to Washington to give the word directly to then Secretary of State William Rogers. When Washington yawned, Feisal himself gave the alarm in interviews with American reporters...
...around. But he is light-years ahead of others. His dome not only has indoor plumbing, but electric lights. Jenefer,* 29, a former schoolteacher, is not so lucky. For her hillside treehouse she pumps water from the city main, via a redwood tank on a nearby hill, to a spigot and washbasin on the front porch. For heat she relies on a coal stove once used on a sailing ship. But no matter. Jenefer is a sylvan spirit who lives on simple fare such as grapes, sardines and raw string beans. In fact, her isolation is so great that...
Those "other measures" would almost certainly not involve a complete closing of the Saudi oil spigot. More probably, Saudi Arabia might limit the expansion of oil production that the U.S. has counted on to fill its future needs. Under plans announced last year, the Saudis had promised to boost production from 8,000,000 bbl. a day to 20 million by 1980 (U.S. oil production, by contrast, is expected to remain at 12 million bbl. per day). So great is the world's thirst for oil-consumption will more than double during this decade-that a decision by Saudi...
Sacks and Pool said they disagreed with this view in foreseeing an eventual equilibrium between North and South Vietnam. "The spigot of arms is being turned off by the major powers," Sacks said, "I think the two governments will prefer ballots to bullets without this...