Word: venezuelanizing
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Dates: during 1960-1969
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...from the world over. The fuel of Venezuela's economy is the country's fabled pool of oil, greater than that of any other nation except the U.S. and Russia. The black gold that foreign companies pump from beneath the muddy floor of Lake Maracaibo enriches the Venezuelan government by $1.3 billion yearly, or about $1 per bbl. And whenever the treasury wants more, it simply squeezes the 25 foreign oil companies a little tighter-which is what it is doing right...
Last week the companies began negotiating the issue with the government in Caracas, and two Venezuelan Cabinet ministers opened talks with Interior Secretary Stewart Udall and Under Secretary of State Thomas Mann. The Venezuelans want more than a simple increase in royalties to bankroll their grand industrial-development plans. Among other things, they seek a stronger voice in the companies' policies and the power to fix the world price of residual fuel oil, of which Venezuela is the prime supplier. By pressuring the subsidiaries of such U.S. giants as Jersey Standard, Gulf, Socony Mobil, Texaco and Atlantic Refining, they...
Since it is located midway between Venezuelan oil and U.S. markets, Puerto Rico has settled on oil and petrochemicals as a suitable basic industry. Two refineries have so far been put into operation, and this month construction begins on a major petrochemical complex. Financed 75% by Phillips Petroleum and 25% by Puerto Rico's Industrial Development Company, the new plant will ultimately generate a $600 million investment. Phillips' plants, along with satellite industries, will eventually employ...
Born in Paris of Venezuelan parents, Marisol (means "sea and sun" in Spanish) dropped her last name, Escobar, as too masculine-sounding. She came to the U.S. in 1950, settled in Manhattan, and studied with Hans Hofmann. She speaks in the shy monotone whisper of wind wafting through Spanish moss, seems always to be peeking around the corners of her long black hair with nearly expressionless stealth, and only the keenest humor will send a smile rippling across her lips. It is the same face that appears again and again in her art, penciled on wood, cast in plaster, even...
...foment a revolution in its southern neighbor. That same year the OAS prevented a shooting match between Ecuador and Peru over a disputed strip of jungle. Not surprisingly, the Dominican Republic has been a frequent customer; in 1960, when Dictator Rafael Trujillo's goons tried to murder Venezuelan President Rómulo Betancourt, the OAS imposed diplomatic and economic sanctions. Last week's five-man peace team was the 13th OAS delegation to visit the country since...