Word: oiling
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Dates: during 1970-1979
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...nice that House Speaker Tip O'Neill thinks it "sinful" that the oil companies are making profits [Nov. 5]. At least they are doing something to help keep this country running. Can Congress say the same...
...direct interest in oil companies, I think it would be fair to say that if prices had been allowed to rise gradually for the past seven years, these "sinful" and "pornographic" profits would have been acceptable. Also, small cars would have been in demand sooner, energy conservation materials would not be suddenly scarce, other forms of energy would be more advanced, oil exploration would be up, and oil imports would not have reached the current high levels...
...planes to the Soviet Union, but it is likely that Iran could find a customer acceptable to the U.S. One possibility: Saudi Arabia. The sale of military spare parts could begin again. The U.S. still sells wheat and rice to Iran, and in time the sale of Iranian oil to the U.S. might be also resumed...
...embassy. The Pentagon has advised that air raids, launched from carriers, could put the Iranian oilfields out of action for six months with a minimum of civilian injuries, but there has been no suggestion from any quarter that this would be a good course to follow. The resulting oil shortage would hurt U.S. allies more than it would hurt Iran?and would drive world oil prices through the roof. Another possibility would be a Government embargo on all trade with Iran, including food, but Carter would use the food weapon only as a last resort. Summarizing the planning difficulties...
...series of dramatic but carefully limited moves, the President fought back with economic reprisals. He ordered a stop to all purchases of Iranian oil, 700,000 bbl. per day, or 4% of U.S. consumption; he froze all Iranian government banking assets in the U.S. The Administration has not officially interrupted the flow of the nearly $500 million worth of food the U.S. ships to Iran annually. But the International Longshoremen's Association instructed all its members not to load any vessels bound for Iran, and the giant American Farm Bureau Federation offered to support a total boycott on food exports...