Word: libya
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...imagine. A war against Iraq would not be like attacking Grenada or Panama. It would almost certainly involve hundreds of thousands of people dying, soldiers and civilians alike. Generals like to talk of "surgical strikes," but surgical strikes usually hit the wrong targets -- like the misguided air raid on Libya in 1986 that wrecked the French embassy and killed Colonel Gaddafi's daughter...
...forecasters were cheered when OPEC decided last week to allow its 13 members to increase production to make up the shortfall of roughly 4.6 million bbl. a day lost in the U.N.-mandated embargo on Iraqi and Kuwaiti crude. In the wake of the cartel's action -- Iraq and Libya did not attend the meeting in Vienna -- petroleum prices dropped about $2 in one day, to $26 per bbl. Toward week's end, however, traders began fretting once again about a possible gulf confrontation and a disruption in energy supplies; with that, the price for October delivery closed...
...THIRD WORLD. The latest upheaval, like others in the past, will cause the greatest suffering in the Third World. Aside from a handful of oil producers, such as Venezuela, Mexico, Nigeria and Libya, most of Africa and Latin America will be left with higher energy prices and softer markets for their exports. Double-digit inflation could turn into triple digits, recessions could become depressions, and foreign debt would go unpaid...
...stand to gain the most. Even if the production level were not increased, Saudi Arabia should sweep in an extra $38 million a day if prices stabilize at $25 per bbl., while the United Arab Emirates should increase its take by about $18 million. The biggest winner may be Libya, which will collect an additional $9 million a day and, unlike the Saudis and other gulf states, will not pay part of any bill for keeping U.S. and other forces in the gulf. It is one of the ironies of the current crisis that Muammar Gaddafi, the man perhaps most...
...that force was necessary to make the sanctions stick gained credibility last week. According to White House spokesman Marlin Fitzwater, Iraq was getting round the prohibitions to obtain military materiel as well as supplies used in the production of chemical weapons. Other Administration officials say the countries responsible include Libya, Yemen, Taiwan and South Africa. Yemen had earlier indicated that it would live up to its reluctant promise to abide by the embargo. It did allow one Iraqi tanker to unload at the port of Aden, but in response to international pressure it later refused to allow two others...