Word: venezuela
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Dates: during 1970-1979
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When Carlos Andrés Pérez was elected President of Venezuela a year ago this week, his country faced an enviable economic crisis. Rising oil prices threatened to fill the national coffers at more than triple the 1973 rate of $3 billion. "The $10 billion will crush us," warned former Minister of Mines and OPEC Founder Juan Pablo Pérez Alfonzo. "We have a President with a moun tain of gold to dispense. Everyone will be thinking how to put his hand...
Though he held his own in the economic argument, Rockefeller offered a concession. He pledged that if he were confirmed, he would put all his assets in a blind trust, except for art and real estate, including four farms in Venezuela. In an exchange with New York's Charles Rangel, Rockefeller refused to retreat from his position that it would have been a mistake to have himself met with the Attica prison rebels...
Producers of other materials, too, are now banding together to try to lift prices. Countries that possess iron ore (including Venezuela and Brazil) and seven bauxite producers (Guinea, Guyana, Jamaica, Sierra Leone, Surinam, Australia and Yugoslavia) are talking about forming cartels. Coffee-producing nations hope to control prices by reducing exports from the Central American republics. Oil-rich Venezuela promises to make up their short-term losses in revenues with subsidies from a special investment fund...
...settlement along these lines would also create a much-improved environment for negotiations on oil supply and prices. It would greatly increase the political influence of Saudi Arabia, and therefore its weight as a force for moderation within OPEC, some of whose non-Arab members, notably Iran and Venezuela, have been most insistent on price increases. Saudi Arabia would be liberated, in effect, to do what King Faisal wants very much to do: cooperate to keep the West, and especially the U.S. on which Saudi Arabia relies, prosperous and strong...
...more than Cuba. Earlier, there had been favorable reaction to the new hands-off U.S. policy, which Assistant Secretary of State for Inter-American Affairs William D. Rogers described at Quito as "healthy." But Foreign Minister Gonzalo Facio of Costa Rica, which had co-sponsored the Cuban measure with Venezuela and Colombia, was openly bitter. "We have helped the United States when they needed us," he complained, "but now that we need their help, they do nothing." After the Cuban proposal failed, some Latin American newspapers, and even diplomats, claimed that the OAS was dead. That clearly...