Word: crude
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...force remains the most backward Soviet service. When a Soviet defector flew a MiG-25 fighter to Japan in 1976, Western experts judged the craft to be little more than a crude weapons platform -- underpowered, poorly built and laced with dangerously primitive electrical wiring. Soviet jet engines still burn out early and guzzle more fuel than comparable U.S. power plants. The Soviets continue to fly 1950s-era propeller-driven Bear-H reconnaissance bombers on patrols off Alaska and the U.S.'s Eastern Seaboard. New jet fighters like the MiG-29, a downsized version of the 14-year...
...foreseen the shocking oil- price hikes of the 1970s? And then prophesied bottom-of-the-barrel cuts in the 1980s? No wonder the possibility of a cease-fire between Iran and Iraq threw oil traders into a frenzy last week as they tried to divine whether the cost of crude would ultimately go up or down...
...Peace could eliminate the glut, the theory goes, by bringing back tighter production quotas from Iran, Iraq and the other members of the Organization of Petroleum Exporting Countries. Such thinking caused the price of oil futures to seesaw violently last week. The price of a barrel of West Texas crude jumped 84 cents, to $15.70, when Iran first proposed peace, then plunged 47 cents per bbl. the next day, after Iraqi fighters bombed Iranian targets...
...handful of industry analysts maintain that a cease-fire will make little difference in prices. World demand for crude is flat, they argue, and OPEC, which controls only 37% of the market, in contrast to 56% in 1973, may find it difficult to push prices much higher. "If the war ends, the geopolitics of oil are changed greatly," says Daniel Yergin, president of Cambridge Energy Research Associates in Cambridge, Mass. "But the price may not be changed nearly as much." The possibility of peace in the Persian Gulf seems to have left the petroleum community as bewildered as the rest...
...which produced 140,000 bbl. of crude a day, along with natural gas, had been in operation since 1976 and was one of the oldest of the 123 fixed platforms in the British exploration area of the North Sea. Some experts cited equipment failure or metal fatigue as possible causes of the disaster. One widely held view was that there had been a leak in the natural-gas compression apparatus and that ignition had occurred through some kind of mechanical failure...