Word: libya
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...reserves and volume of production, the North African nation of Libya ranks decidedly behind such major Middle Eastern producers as Iran, Saudi Arabia and Kuwait. But in ability to send shock waves through the world petroleum industry, Libya stands second to none. Libyans have already helped lead the ten other members of OPEC, the Organization of Petroleum Exporting Countries, in doubling per-barrel prices over the past three years. In the past two years, Libya's President, Colonel Muammar Gaddafi, has nationalized British Petroleum's operations and negotiated a 50% share in Italian oil holdings; earlier this year...
...months until last week. Then Gaddafi called a Tripoli press conference and produced a couple of Israeli grapefruit that he said had been confiscated by Libyan workers at a pipeline terminal run by Oasis, the largest foreign producer. He accused Oasis of allowing Israeli spies to operate in Libya disguised as oil workers. Gaddafi gave the companies less than a week to submit plans for allowing a 100% takeover of their pumping operations. He added, vaguely but ominously: "No doubt the day will come when oil will be used as a weapon by the Arabs in self-defense...
...firms after the Anglo-Iranian Oil Co. was nationalized. One U.S. oilman terms such deals, which would allow U.S. companies to continue turning a profit in the Middle East, "the wave of the future," and Gaddafi probably will want foreign oil workers to remain on his soil, since Libya is short of native technical and managerial talent...
Certainly not for immediate monetary gain. Libya has amassed some $3 billion in foreign reserves from oil sales-four times what it spends on imports in a year -and new revenue is coming in about twice as fast as the government can disburse it. Rather, the move may be a direct slap at the U.S.; Gaddafi has grown increasingly bitter against the Nixon Administration for its support of Israel...
...value of Libya's oil reserves, which Gaddafi has lately been trying to conserve by limiting production to about 60% of 1970's 3,700,000 bbl. a day, will increase accordingly...