Word: embargoing
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Perez speaks from experience. During an earlier term as President he led his country on a giddy spending spree when oil revenues soared after the Yom Kippur War and the Arab embargo brought on the first oil shock in 1973. Venezuela squandered billions of petrodollars on luxury imports, high- visibility public works and a bloated state bureaucracy. When oil prices fell in the early 1980s, Venezuela retreated behind a wall of protectionism and a popular though inefficient system of price supports for local products...
Despite all this, there are many weak spots in the embargo. Western intelligence officials have learned that Saddam stockpiled rice, wheat and other foods before invading Kuwait, and the Iraqi army's plundering of Kuwaiti warehouses has increased Iraq's supplies substantially. Besides, Iraq has had a record harvest this year; the markets contain plenty of fruits and vegetables. One reason for the bountiful supplies is that Saddam's government has eased many controls on farmers and increased food prices. Higher prices have also inspired Iranian and Turkish smugglers to supply the black market...
...Jordan, a continuation of the present standoff would be only slightly less disastrous. Already burdened with the cost of absorbing 150,000 Jordanians who were expelled from Kuwait and Iraq, the country is facing a fiscal crisis of calamitous proportions. According to government figures, the United Nations-ordered embargo of Iraq, where 70% of Jordan's exports go, could cost up to $4 billion in lost revenues this year. Tourists, who brought in more than $500 million last year, have virtually disappeared. The sanctions have idled the once thriving port of Aqaba, and shipments of fruits and vegetables are rotting...
...Saudis, angered by the King's criticism of the presence of U.S. troops in the region, have halted all oil exports to Jordan. Despite the U.N. embargo, Amman continues to get 80% of its oil from Iraq, which is credited against Baghdad's $310 million debt to Jordan at the less than market rate of $16 per bbl. But fuel purchases on the open market this year could total nearly $900 million...
...really speak for others, but I think there are signs coming out of Iraq at this time that suggest a readiness to move toward a peaceful and secure region. The only problem is that there seems to have been an embargo on dialogue and readiness to compromise...