Word: crude
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Dates: during 1970-1979
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Finding a safe landing field in the U.S. on the return run is not easy either, but more and more crude landing strips have appeared in rural areas in the South. One pair of hapless smugglers this month made it all the way into the U.S. only to land in a Florida pasture being used by local politicians for a turkey shoot. The pilot was promptly arrested. But for those who make it in safely, and most do, the payoff is high. A pilot can pocket $50,000 for one trip. Ten tons of marijuana, if landed safely, immediately becomes...
...militant Iranian oil workers and technicians had virtually closed down the country's production, reducing the oil flow from 6 million bbl. a day to a drip of 75,000 bbl. Last week, as if to demonstrate his absolute mastery, Khomeini ordered workers to allow enough crude production from the fields to satisfy Iran's 900,000-bbl. domestic needs-but no more. TIME Correspondent Dean Brelis visited the oilfields in the southern province of Khuzestan as militant workers returned to their jobs. His report...
Outside Iran, countries with a major stake in the outcome of the Shah's effort watched and waited uneasily. Iran is vital to the industrialized world not only because it is the second largest exporter of crude oil in the Middle East, but also because it is the "policeman" of the crucial Persian Gulf sea-lanes through which 40% of the non-Communist world's oil is shipped. The U.S. gets 8% of its imported crude from Iran: Western European countries from 20% to 40% of their supply. The impact of the dead stop in Iranian oil shipments...
...group of Arab oil ministers waving AK-47 Soviet rifles above their heads and dancing like dervishes on the tennis court of the Hilton Hotel in Abu Dhabi. The reason for their jubilation, in this nightmare, was that they had just engineered a huge increase in the price of crude oil. Unfortunately, this was no Arabian Nights fantasy but sobering reality last week. Several Arab ministers really did take part in a "Dance of the Rifles" to celebrate the sixth price boost by the Organization of Petroleum Exporting Countries since 1973, and potentially one of the most devastating...
...surprise hits of the year amply confirmed that escapist trend. Made for a mere pittance ($2.5 million), National Lampoon's Animal House, a high-velocity farce about fraternity life in the '60s, has made $102 million. Crude and silly, Animal House has an abundance of animal spirits, which is what audiences seem to want. Whatever the reason for its success, "Animal House is just the beginning, not the end," says Paramount Head Barry Diller. "That kind of Saturday Night Live consciousness, that visual entertainment, will become a" staple," Another zany sleeper was Up in Smoke, one long giggle...