Word: crude
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Saddam says Iraq has developed a missile capable of hitting targets in Saudi Arabia. Crude oil futures rise to all-time high of $40.40 a barrel. Diplomatic relations are renewed between Iraq and Iran...
...They have just enough highly-enriched uranium, French-supplied to make one crude nuclear device in a year," Carnesdale said. "He would need 10 years to start producing nuclear weapons...
...would have to ask the Soviets that question. I cannot say exactly how the Soviet leadership would have reacted. But in September 1981 we were told by the Soviets that the following year they would be able to supply us with ) only 4 million tons of crude oil, compared with the normal 13 million tons. We were also warned that there would be similar proportional reductions in supplies of other raw materials, including cotton. Other members of the bloc would have reacted in a similar fashion. In other words, a total economic blockade awaited us unless we resolved our internal...
...this resentment justified? As always when accounting is involved, the answers can get murky. Senator Paul Sarbanes, a Maryland Democrat, angrily charges Saudi Arabia with "reaping a windfall gain of something on the order of $40 billion" from the crisis by stepping up oil production and selling crude at higher prices. Other estimates run up to $50 billion a year. Western diplomats in Riyadh assert, however, that such calculations assume a price of $30 per bbl. maintained for a full year and that current prices are well below that. They estimate the Saudi windfall at $8 billion to $10 billion...
...fuel, water and electric needs of the U.S. forces operating there, but how should oil supplied to American troops be valued -- at the price it might fetch if sold on the world market or at Saudi production costs, which may be as low as 50 cents per bbl. of crude? By some estimates, Saudi crisis-related expenses in the first five months have totaled $22 billion, far more than the oil windfall. But these calculations include such items as forgiveness of $4.5 billion in Saudi loans to Egypt, a highly indirect crisis cost...