Opinion September 28, Forty Years Ago: Oil Price Hiked

A look at the front page of The Indian Express, published on September 28, Forty Years Ago.

The Organisation of Petroleum Exporting Countries (Opec) raised crude oil price by 10 per cent. The market price of an average barrel of Opec oil rose by one US dollar — from $10.46 to $11.51. The decision was expected to cost world consumers an additional $10,000 million each year on their import bills. Union Petroleum Minister K.D. Malaviya described the development as “very bad news” for India. US President Gerald Ford’s top energy advisor, Frank Zarb, called the price hike “outrageous”. In 1973, it had rocked western economies by imposing staggering increases, which raised the cost of petroleum fivefold.

Empty Tears
Prime Minister Indira Gandhi said she “could not take seriously the tears” that western countries were shedding over the “demise of democracy in India”. Addressing the media, Gandhi said these professed lovers of democracy also supported dictatorial regimes in many countries of Africa, Asia and Latin America. “If they are so serious about democracy and Emergency in India, why did they interfere in democratic regimes and remove democratic governments in those countries?” she asked.

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Executions In Spain
Firing squads executed five convicted urban guerillas in Spain. General Franco’s decision to proceed with the executions set off a wave of diplomatic protests and anti-Spanish violence. The five members of revolutionary organisations had been convicted of killing policemen. In many cities of Spain, thousands of people defied anti-terrorism laws and staged silent marches in protest. Britain, Holland, Norway, East and West Germany withdrew their ambassadors in protest.

Bihar Floods, Again
Several parts of Bihar, including Patna, turned into “floating cities” after rain that lasted for 48 hours. Most of these parts were affected in the August floods.