Word: crude
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...that sea-lane denied to shipping." So said President Reagan last week, referring to growing concern that fighting between Iran and Iraq could close the 40-to 60-mile-wide Strait of Hormuz, the Persian Gulf shipping lane through which 20% of the West's crude oil travels. That threat grew more worrisome as Iran launched yet another offensive, its biggest since July 1982, against Iraq. By week's end Iranian forces had occupied 37 Iraqi border villages, and were engaged in fierce hand-to-hand battles with Iraqi defenders on the outskirts of Al Azair. Thousands...
...1970s when up to 60% of the world's oil supplies moved through its waters. Today that figure is considerably smaller. Indeed, Iran would have the most to lose if shipping were interrupted: it currently exports 2.6 million bbl. per day through the Strait of Hormuz. That crude is expected to bring Iran more than $24 billion this year, half of which would go to finance Iran's war with Iraq...
...paradise? The probable answer is that they are there because they are in the artist; the combinations of aggro-and-bother with glimpses of lush relaxation and childhood escape epitomize his own conflicts. When painting "straight" landscape, Morley is less convincing, producing huge pictures of wobbly livestock under a crude Constable sky. At such moments he reminds one that there is not only good art and bad art but bad "bad painting" and good "bad painting." Fortunately, most of Morley falls in the first and the last of these four categories. -By Robert Hughes
...doubling every seven years, practically overnight in an industry that normally plans on a 15-to-20-year schedule. The world of energy economics, though, was about to change. After the second oil shock, in 1979, which followed the overthrow of Iran's Shah, the price of OPEC crude reached as high as $40 per bbl. Energy consumers reacted to the staggering prices by conserving fuel in a way that had never been imagined. Demand for electricity increased by only 1.7% in 1980 and .3% in 1981 and actually shrank 2.3% in 1982. That was the first decline in power...
...fairly crude questionnaire," Eck says in retrospect...