Word: embargo
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Dates: during 1970-1979
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...civilian injuries, but there has been no suggestion from any quarter that this would be a good course to follow. The resulting oil shortage would hurt U.S. allies more than it would hurt Iran?and would drive world oil prices through the roof. Another possibility would be a Government embargo on all trade with Iran, including food, but Carter would use the food weapon only as a last resort. Summarizing the planning difficulties, an Administration official noted last week: "The difference between minimum and maximum punishment is not all that great. This is very tough to calibrate...
...tighter markets and higher prices. In their present jittery state, Americans are ready to start topping off gas tanks for almost any reason. Not only does the memory of a summer spent in gas lines remain fresh and infuriating, but so does the specter of the 1973 Arab embargo, which ushered in the age of energy upset...
Supply problems will be real enough for the oil companies that must abide by the Iranian embargo or risk losing their deliveries altogether. Because not every refinery can process all grades of crude, oilmen face logistical headaches in trying to switch about their Iranian and non-Iranian supplies. That is especially true for the four American companies providing nearly all of the 700,000 or so barrels of Iranian oil that until last week had entered the U.S. each day. Amerada Hess, the largest single supplier, delivered about 200,000 bbl. of the total. Much of it was processed...
...Administration had concluded that the Shah's safety could not be guaranteed against the thousands of Iranian students in the U.S. Nor could Washington realistically hope that the Khomeini-dominated regime would not resort to a campaign of reprisals against the U.S., through either an oil embargo or assaults against Americans in Iran. But last month, after the Administration learned that the Shah was seriously ill, it granted him a temporary visa to visit New York City for medical treatment...
...aftermath of the 1973 oil embargo, a report of the Senate multinationals subcommittee suggested the "over-riding lesson" was that "in a democracy, important questions of policy with respect to a vital commodity like oil, the lifeblood of an industrial society, cannot be left to private companies acting in accord with private interests and a closed circle of government officials." Right now information is the scarcest and most vital commodity in the oil industry. The only way the government can hope to secure a dependable supply of this commodity is to explore its own lands and to enter the market...