Word: crude
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...reserved to itself the right to close the critical Straits of Hormuz, through which 60 percent of the West's oil flows. The fanatic ideologues behind the revolutionary Iranian regime would not be averse to a hobbling of the industrial world, especially if such action sent the price of crude through the roof and actually increased Iran's total revenue from the reduced amount of oil that would no doubt slip through...
...Gulf and Socal should not continue to do nearly as much exploration as the two were doing separately. In addition, they note that if the stock value of oil companies continues to go up, the resulting higher value for reserves swill encourage more drilling. Even the effect on crude prices will be slight. Economist Alan Greenspan of the Townsend-Greenspan consulting firm observes, "These mergers are, in the world scheme, not terribly relevant. Even if they were, it is a competitive market, and no matter what these oil companies might like to do, they can't affect the price...
...longstanding threat to close down Iran's biggest oil-exporting terminal. If that happens, the Iranian government of Ayatullah Ruhollah Khomeini has threatened to retaliate by blockading the 40-to-60-mile-wide Strait of Hormuz, through which 20% of the non-Communist world's crude oil passes. Such a closure, in turn, could widen the war considerably. President Reagan declared only two weeks ago, "There is no way we could stand by and see that sea-lane denied to shipping...
...That crude is expected to bring Iran $24 billion this year, half of which will go to finance the war. Khomeini seems to doubt both the seriousness of the situation and the ability of the U.S. to do anything about it. "Saddam Hussein is going to fall," says the Ayatullah, "and neither America nor any other power can keep him in office." Maybe not. But what is worrying is that neither the U.S. nor any other power may be able to prevent two bitter enemies from turning their particularly vicious regional war into a theater of international conflict. -By William...
...With crude prices stagnant, the market value of energy firms is weak and some companies are selling for less than the worth of their assets. At the same time, oil executives are discovering that it is often cheaper to buy new reserves than to explore for them. In Alaska's promising Mukluk field, for instance, major oil companies have put an estimated $1.7 billion into exploration, but have so far turned up only a $140 million dry hole...