UNITED NATIONS: EGYPT AND INDIA CHARGE MAJOR POWERS WITH RESPONSIBILITY FOR 'ENERGY CRISIS' AND RISING PRICES.

Record ID: 337787

  • Title: UNITED NATIONS: EGYPT AND INDIA CHARGE MAJOR POWERS WITH RESPONSIBILITY FOR 'ENERGY CRISIS' AND RISING PRICES.
  • Date: 20th April 1974
  • Summary: 1. SV Chairman on podium 0.05 2. SV Ahmed Ezzeldin Hilad speaks 0.45 3. SV Other delegates 0.50 4. LTV Swaran Singh speaking 1.41 AHMED EZZELDIN HILAL: "The responsibility for the whole situation rests entirely with the major industrial powers. Firstly, the major powers have within their own territories more than ninety per cent of the world's known reserves of the alternative sources of energy, namely coal, oil-shales, tar sands and natural gas. Secondly, the major economic powers have had virtual control over the international oil industry. The only remedy of this lop-sided situation is the rapid and relentless effort to develop other sources of energy." SWARAN SINGH: "I confess I have some difficulty in appreciating the justification of the enormous increases in the cost of our essential imports from developed nations. I am, however, convinced that neither they nor the exporters of fuel would wish to insist upon additional transfer of real resources from developing countries which are unable to bear the burden of phenomenal increases in their import bills. Such a transfer from the poor to the rich ill-accords with the economic order we have been trying to evolve together for so many years." Initials BB/1849 WLW/CD/BB/1858 Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 5th May 1974 13:00
  • Keywords:
  • Location: UNITED NATIONS
  • City:
  • Country: USA
  • Reuters ID: LVAB2KFHPDKM5WBNSX803XKCWAE6
  • Story Text: Egypt has accused the major Western powers of being responsible for 'what is not quite accurately called the energy crisis'. Petroleum Minister Ahmed Ezzeldin Hilal told the Sixth Special Session of the United Nations General Assembly in New York on Friday (19 April) that these powers have had virtual control over the international oil market. They also had more than ninety per cent of the world's known reserves of alternative energy sources such as coal, shale, tar sands and natural gas, he said.

    Developed countries took it for granted they should have a balance of payments surplus -- but when some developing countries began to have surpluses this was regarded as a world catastrophe, he added.

    Speaking in the same debate, Indian External Affairs Minister Swaran Singh accused developed nations of putting enormous increases on the cost of essential imports for developing nations -- using the oil situation as an excuse. He found it difficult to appreciate the justification for the 'enormous increases', he said, Such a transfer 'from the poor to the rich' was not compatible with the economic order developed and developing nations had been trying to reach together for so many years.
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