Word: kuwait
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Dates: during 1960-1969
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Word of the Week. Throughout the week, the overriding economic word was oil, as Arab states, which produce 30% of the world's supply, decided to use their wells as weapons. Iraq, Libya and Algeria cut off all oil shipments, Kuwait and Saudi Arabia embargoed shipments to the U.S. and Britain, and small Qatar refused to load the ships of either nation. The situation seemed most serious for Britain, which gets two-thirds of its oil from the Arabs and has only a 30-day stock on hand. France and Italy, neither of whom was singled out for retaliation...
...sent its tanks southward to back up troops already massed along the Israeli border, mobilized its untrained "People's Army" to back up the tanks and ordered students to form 150-man "battalions" to back up the army. The armed forces of Iraq, Jordan, Saudi Arabia and tiny Kuwait were placed on combat alert. Egypt called up its 100,000-man reserves, drafted half a million students into a civil defense corps and warned all doctors, hospitals and pharmacies to be ready for emergency duties. Israeli cities were strangely empty, just as they had been...
...Power is aiming toward a 4,000,000-kw. output within the next ten years, is rushing completion of the Tachia River power network to supply a quarter of the total through a mix of hydroelectric power and thermal power generated by oil shipped halfway around the world from Kuwait...
...that even the expense of crossing the Alps is no longer an economic obstacle. Though T.A.L. cost its owners, a consortium of 13 oil companies led by Esso and Shell, an average $500,000 a mile, its Trieste terminal, where the first tanker put in from Kuwait last week, is advantageously close to Mideast and North African oil sources...
Well-Insured Hull. Recovering the value of the Torrey Canyon and the 118,000 tons of crude oil it carried is only the beginning of the problem. British Petroleum, for whom the chartered ship was hauling crude from Kuwait to England, had insured its cargo for $1,600,000. The ship itself, owned by a company called Barracuda Tanker Corp., which was incorporated in Liberia but is controlled from Wall Street, carried "hull" insurance of $16.5 million. As is traditional in marine insurance, the policy (with an annual premium of $330,000) had been spread among 120 syndicates...