Word: 1980s
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Dates: during 1970-1979
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...foresee. Politically, governments in the Middle East, Africa, Asia and Latin America are asserting ownership rights to more and more of the petroleum pumped out by the "seven sisters" of world oil: Exxon, Royal Dutch/Shell, Texaco, Mobil, Gulf, Standard of California and British Petroleum. By the 1980s, the international oil companies could become mere contractors in much of the world, pumping oil that host-country governments will own and selling exactly as much as those governments direct, to the customers and at the prices the governments select...
...particularly in the case of the Soviet navy, often equipped with newer hardware. More important, the continuing Russian effort, together with the ceilings imposed on U.S. arms levels in the 1972 Strategic Arms Limitations Talks (SALT I) with Moscow, leads analysts to fear that in the mid-1980s the Soviets might finally overtake...
...their own MiRVed missiles. The U.S. had thought the Russians were five years away from developing MIRV. Despite the tests, Schlesinger does not expect Russia to finish development of MIRV technology before 1976?and, more important, does not expect the Soviets to match U.S. inventory before the mid-1980s. Still, the tests were a disquieting sign that the relentless Soviet momentum in weapons research is closing the technology...
...than 12 billion bbl., v. 10 billion on Alaska's North Slope. Production has barely begun, but the fields are scheduled to be pumping 2.5 million bbl. a day by 1980. Britain, which controls the richest fields, expects to become a net exporter of oil by the mid-1980s (although the country is starting a drastic austerity program now). Norway's North Sea holdings are also large, and it is determined to squeeze out every benefit it can get, including big royalty demands from oil companies and use of Norwegian materials in pipeline construction. "The Arabs aren...
...producing Arab states now have both the wealth and the will to punish the U.S. by shutting off oil supplies. Only 7% of the oil consumed in the U.S. presently comes from the Middle East, though that figure is expected to rise to as high as 50% by the 1980s. Much of the talk about oil may well be bluff, but the U.S. can no longer afford to ignore...