Word: oiling
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Dates: during 1980-1989
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This week, two more setbacks struck President Reagan's policy in the Persian Gulf. A mine destroyed an Arab supply vessel in what were supposedly safe waters off the United Arab Emirates, and a possible act of terrorism destroyed a major Saudi Arabian-American oil installation in the Gulf itself...
...East to trick us into guarding their supertankers. In fact, the country we most hate in the region stands to gain the most from our decision to defend open navigation of the sea; Iran sends most of its exports out of the Gulf by sea, while Iraq transports its oil through overland pipelines. By keeping the waters open, we inadvertently prevent Iraqi attacks on Iranian ships...
...Saudis still bankrolling Iraq, they openly supported Kuwait's assistance to Baghdad. Many observers expect Iran to avenge the Mecca deaths by launching terrorist acts on Saudi Arabian soil or by fomenting trouble among the country's 350,000 or so Shi'ites, most of whom live in the oil-rich eastern provinces...
...Soviet Union, meanwhile, gladly seized the opportunity to play a larger role in the gulf. Indeed, it was a Soviet decision last spring to charter three oil tankers to Kuwait that drove the Reagan Administration to counter the move by reflagging Kuwaiti vessels. But in reporting last week's negotiations with Iran, the Soviet news agency TASS noted that both Moscow and Tehran expressed mutual concern over the "unprecedented buildup of the U.S. military presence in the region." Nonetheless, the potential partnership poses problems for both countries. The Soviet Union remains a major arms supplier to Iraq. And Moscow cannot...
...paying for the war, the government suffered a serious setback last year when its oil revenues fell from a projected $18 billion to $8 billion. Yet the country is not on the brink of financial disaster. Its central bank has a relatively healthy $5.1 billion in foreign reserves, plus at least $2 billion in gold. Now that oil prices are climbing again, Iran expects to earn as much as $12 billion this year...