Word: oiled
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Dates: during 1990-1999
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...Scene of the 20th century's last great oil rush...
Among the more serious consequences of last week's action could be a breakdown--or at least a slow erosion--of the consensus for sanctions against Iraq. China has long called for a lifting of the embargo to ensure an uninterrupted flow of imported oil. Lawmakers in Moscow too muttered darkly about unilateral removal of trade restrictions. Even if sanctions survive, there's no guarantee that Saddam will become less dangerous, just as a toothless UNSCOM didn't keep him in check...
...China have officially called for an end to economic sanctions on Iraq and the firing of UNSCOM head Richard Butler, and the replacement of his inspectors with something about as effective as a gaggle of traveling salesmen. Their motives are as transparent as ever -- France and Russia want oil deals, and China just hates meddlers -- but that won?t make this tide any easier to turn...
...that order, which reverses its custom. But then these are tail-wagging-the-dog days. Rather than the progress of the American economy largely determining global trends, it is the U.S. that is now under the heavy influence of events overseas--something that hasn't really happened since the oil shocks of the 1970s...
...said one floor trader. "People on the trading floor were taking bets on what time the first air strike would occur." In fact, the markets were almost relieved by the bombing of Iraq, since it delayed an impeachment vote and has cast President Clinton in a strong leadership stance. Oil stocks that spiked sharply at first soon settled back toward normal levels: After all, world markets are overflowing with oil. "I don't even expect much more movement in the stocks you historically see getting the most attention in these situations, like energy companies or defense-related businesses," says Gail...