Word: gulf
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Dates: during 1970-1979
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...crisis ends badly and any of the hostages are harmed, however, the U.S. will face a far more serious problem. Though the Administration has ruled out military intervention during the current impasse (there were naval exercises in the Persian Gulf last week, however), it might change its mind in the event of American casualties at the embassy. The Pentagon has advised that air raids, launched from carriers, could put the Iranian oilfields out of action for six months with a minimum of civilian injuries, but there has been no suggestion from any quarter that this would be a good course...
...Islamic scholar who has been a leading figure on Iran's 15-man Revolutionary Council for the past year, sat with his legs crossed on the floor of his small apartment in Tehran and offered a partisan assessment of the current crisis: His fervent arguments illustrate the gulf between the Iranian version of the conflict and the view of it held by the outside world. As he talked with TIME's Bruce van Voorst, Bahonar fingered his horn-rimmed glasses like modern worry beads...
...academic world believe the first mistake of the Carter Administration was failing to understand the basic nature of the movement that swept the Ayatullah Khomeini into power. Following the policies of preceding administrations, Carter originally supported the Shah, seeing him as a stabilizing ally in the Persian Gulf region, and not realizing how widely he was hated by his subjects. Carter first thought the Shah could suppress the mounting demonstrations, then, when events got totally out of hand, abandoned him to his fate. The Shah has told friends, bitterly, that right to the end he expected more assistance from...
...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 at the company's refinery at St. Croix in the U.S. Virgin Islands, then transshipped to mainland U.S. ports. Among the other big suppliers, Gulf Oil provided about 135,000 bbl. a day, Ashland Oil shipped about 100,000 bbl. and Exxon averaged around...
Early last week typical spot prices for Persian Gulf crude stood at $37 to $38 per bbl., vs. OPEC's official maximum of $23.50. After the seizure of the U.S. embassy in Tehran, rumors swirled that anti-American fanatics were shutting the tap on exports. Spot traders began desperately scrambling to buy spare cargoes. In Rotterdam, prices ticked up almost by the hour. In New York City, some sellers were demanding an astronomical $47 to $48 per bbl. Though heating oil is retailing in New York at about 850 per gal., spot market imports of the fuel were going...