Word: embargos
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Dates: during 2000-2009
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...prices? Saudi Arabia and the rest of OPEC aren't exactly eager to meet demand with supply just yet, but they're not talking about joining Iraq's embargo either. Wall Street and the economy seem able to tolerate a certain amount of Middle East uncertainty. They've had plenty of practice. But nobody wants a war that draws in the surrounding Arab nations and makes Saudi Arabia choose between domestic politics and international money. An unmistakable U.S. presence would send the message that the conflict will not be allowed to spread - and that business elsewhere can continue as usual...
...ARRESTED. DOMINGO CAVALLO, 55, former Economy Minister of Argentina and prominent South American financier, during an investigation into alleged violations of a U.N. arms embargo; in Buenos Aires. Pending the decision of a federal justice, Cavallo faces formal charges for involvement in an early '90s conspiracy to smuggle $100 million worth of arms to Croatia and Ecuador. DIED. LEVI CELERIO, 91, prolific Philippine lyricist and composer who in 1997 was commended by President Fidel Ramos as a national artist of music and literature; in Quezon City. DIED. TONINO CERVI, 72, Italian film producer, screenwriter and director who aided the careers...
...also its only weapon - if, say, Arafat is killed or Israel goes too far in its incursions into Palestinian territories, popular sentiment in the already-shaky local regimes could force Arab governments to put up a show of defiance to calm their constituencies. And even the threat of an embargo could push up global prices, just as the more immediate threat of a war-related supply disruption is doing so now. And it might even have the desired effect - just as Sept. 11 has made "reducing our dependence on foreign oil" a cause celebre of both parties (the disagreement...
Iraq's call Tuesday for a rerun of that 70s embargo - and Iran's helpful tips on how it might work - put a scare into Wall Street with the specter of $50-a-barrel oil prices throttling the global economic recovery in its swaddling clothes. But by Wednesday the rest of the Arab world was quietly making it known that they're not about to let a policy disagreement get in the way of a good buck...
...like it or not, the U.S. is not only the world's only superpower - a bad enemy to make, particularly at a time when Bush is trying so hard to be nice - but also a very big a customer to lose. Saudi Arabia, without whom an effective embargo would be impossible, has spent three decades since the 1973 effort proving to financial markets that it is a reliable oil supplier (and a worthy recipient of U.S. aid); an embargo would destroy all that. And the economic recovery in Asia, Europe and the U.S. has now begun to bring prices...