Word: 1980s
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Dates: during 1970-1979
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...explore for oil off the Norwegian coast, where huge finds have been made. The Norwegian company, in turn, will take over Volvo's Penta marine-engine business and build a plant in Norway. Further, the Norwegians will build important components for a new small Volvo for the 1980s...
...such as emissions-control systems and safety bumpers, on the cars. These costs also become part of the price the consumer must pay, but GM did not give out the figures. In addition, says Chairman Thomas Murphy, the fuel-economy standards coming into effect between now and the early 1980s "could add another $800 or more to the average retail price of our cars...
...decade, U.S. military strategists believe, the primary threat to Saudi Arabia may come from Iraq, with which the Saudis share 400 miles of a common but ill-defined desert border, enormous oil wealth and little else. Iraq, which is expected to surpass Iran in oil production by the mid-1980s is a power of the future. But even today, the radical Ba'ath regime in Baghdad has nearly three times the air capability of the Saudis, more than twice as many tanks, armored personnel carriers and helicopters, and five times as many men under arms...
...Saudis make little effort to conceal their anxiety about their future security. Oil Minister Ahmed Zaki Yamani declared recently that he feared "the day may come, toward the end of the 1980s, when the world will see an all-out oil war in which the strong will fight over the wealth of the oil-exporting countries." Fahd never provokes Communist propaganda assaults by attacking the Soviet Union directly, but he is wary of its designs on the Middle East. He has extended aid to Somalia, Djibouti and other countries in the area to offset Soviet influence, and has occasionally made...
...though their current production ceiling is 8.5 million per day and actual production last month dropped to 6.6 million per day. Nonetheless, on Fahd's orders, Saudi Arabia is proceeding with an $11 billion program aimed at increasing production capacity to 14 million barrels per day by the early 1980s. Saudi Arabia hardly needs the extra revenues. As Planning Minister Nazer said last week, "Production of between 5 million and 7.9 million barrels would produce enough revenue to meet our development needs." But Saudi Arabia is going ahead with the expansion program, primarily as a concession...