Word: kuwait
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Dates: during 1960-1969
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...some fateful miscalculation, the U.S.-owned oil tanker Torrey Canyon, en route from Kuwait to Wales, had run aground and begun to break up on a reef 18 miles off the southwest tip of Britain; part of its 118,000 tons of crude oil began leaking into the sea. Like great oozy creatures from 20,000 leagues under, oil slicks more than 20 miles long were soon slinking toward southwest Britain's golden holiday beaches, which draw $300 million a year from tourists...
...possibilities, the BP Bunker Hunt enterprise is only an indication of the interest that major oil companies now have in Libya. A mere five years ago, Libya ranked virtually nowhere among the oil-producing nations of the world. Today it stands seventh, behind the U.S., U.S.S.R., Venezuela, Saudi Arabia, Kuwait and Iran. Thirty-nine companies have drilling operations in the Libyan desert. The biggest producer is a consortium, Oasis Oil Co. of Libya, Inc., comprising Continental, Marathon and Amerada-Shell. Also on the scene are Esso, Mobil/ Gelsenberg (75% Mobil-owned) and Amoseas, a joint exploration venture of Texaco...
...switching from camels to cars; the country has one of the world's highest traffic-accident rates. Last week, the tiny Persian Gulf sheikdom, whose fabled oil brings it some $750,000,000 in annual royalties, held the second parliamentary election in its history. Everyone knew that Kuwait was ruled by Sheik Sabah Al-Salim Al-Sabah, 51, who became the Amir when his brother died a little over a year ago. Nevertheless, there was plenty of politicking for seats in the 50-member Parliament, which has little real power but confers upon those who sit in it great...
...Kuwait...
...simple greed behind the pressure. The Persian Gulf countries want high pumping quotas as insurance against competition from new oil sources being developed in areas closer to world markets. By year's end Libya will pass Iraq in production, rank fourth in the Middle East (after Saudi Arabia, Kuwait ,and Iran). Algerian production is growing and tiny Tunisia became an exporter for the first time this year. Before long, Egypt will be in the market, thanks to a Phillips Petroleum strike near El Alamein announced last week...