Word: embargoing
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Dates: during 1980-1989
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...revved up, Tehran declared an embargo on Iraqi harbors and oil facilities like Basra and proclaimed Iranian territorial waters a "war zone." Ships passing through Hormuz were advised by Iranian navy craft to avoid Iraqi ports. While for the most part the traffic-and the oil-kept flowing, some supertanker captains hove to. Off Kuwait, a fleet of the giant ships dropped anchor, waiting...
Iran, which bought virtually all of its military equipment from the U.S., lacks spare parts for its arms, thanks to the U.S. embargo. Considering the shortages believed to exist, the Iranian performance and relatively quick reaction to the Iraqi thrusts were unexpected, and Iran may well be girding for sustained combat. But so long as it holds the U.S. hostages, the Washington tap is not likely to open...
Ever since the oil embargo of 1973, Western economies have had to live with the fear that precious crude from the Middle East would once again be cut off. Last week, as the war between Iran and Iraq threatened to make that bad dream a reality, financial centers from New York to Tokyo immediately trembled. But the markets then responded with surprising strength and absence of panic. Said one Manhattan stockbroker at midweek: "The market seems to be taking this as if nothing were happening. It seemed that the latest Middle East war was one the Western oil-consuming world...
...auto industry has gone through sales slumps before, most recently in 1974 after the Arab oil embargo. But this year's crisis...
...however, the auto industry's problems rest with Detroit's managers, who failed to plan for a new-car market after the 1974 oil embargo. Wealthy GM went ahead with a plan to scale down gradually its fleet of big cars and to introduce small, fuel-efficient models. But its executives publicly declared that Americans would always demand full-size cars. Despite pleas from then Ford President Lee A. Iacocca, Chairman Henry Ford II refused to give up the big profits in building big cars. As a consequence, Ford today has the fewest small economical models. Meanwhile...