Word: libya
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...consultations that left jet contrails all across the Mediterranean sky was Jordan's King Hussein, who made swift visits to Syria, Saudi Arabia, Abu Dhabi and Kuwait. Algerian President Houari Boumedienne dropped into Cairo, Damascus, Baghdad, Kuwait and Riyadh in an effort to arrange an Arab summit. Libya's Muammar Gaddafi warned of a return to war and urged the defeat of Israel; his cries were echoed by Iraq's President Ahmed Hassan Bakr...
...Saudi king long resisted calls by such firebrands as Libya's Strongman Muammar Gaddafi and Iraq's President Ahmed Hassan Bakr that the Arabs wield their "oil weapon" for political gains. But after Egypt and Syria invaded Israel last month, Feisal finally agreed to cut back the flow of oil. Later, when President Nixon announced that he would ask Congress to send Israel $2.2 billion worth of arms, Feisal exploded with rage and shut...
This rich fabric of oil concessions began to unravel in the late '60s, when the rise of rabid Arab nationalism coincided with the increasing dependence of Japan and the West on Middle East oil. By 1970 Libya was becoming a major producer, and its low-sulfur oil was selling for $2.23 per bbl. The Libyan government asked for a moderate 10¢ per bbl. increase, but a group of Western oil companies offered only 6¢. Led by Colonel Gaddafi, the government struck back by cutting production by 25% and lifting the posted price by 30¢, to $2.53 per bbl., the largest...
...Five other countries joined Libya, Saudi Arabia and Abu Dhabi in shutting off all oil exports to the U.S. Washington officials estimated that the embargo will reduce U.S. supplies, directly and indirectly, by 1,500,000 bbl. to 2,000,000 bbl. a day, or around 10%. That is a serious threat to a nation that had good reason to fear a winter shortage of heating oil even before the war began...
While threatening to cut off oil to their supposed enemies, the Arabs set out to reassure their Western friends of continued supplies. Libya, the first country to stop shipments to the U.S., promised to sell extra quantities to Austria, making up for oil from Iraq that cannot be delivered because the Syrian ports through which it moves have been closed by the war. The Libyan action apparently was a reward to Austria for its promise to close the Jewish refugee center. Algeria signed a contract to send huge quantities of natural gas to Italy through a pipeline to be laid...