Word: oiling
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Dates: during 1980-1989
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...present levels of consumption, only 7% of America's oil comes from gulf producers, in contrast to nearly 25% of Western Europe's and 60% of Japan's. Some of the 5.7 million barrels of gulf oil consumed each day by Western Europe and Japan is pumped through pipelines to terminals in the Red Sea and Mediterranean. The bulk, however, is shipped out in supertankers that must run the gauntlet of the gulf and the narrow Strait of Hormuz...
...West's dependence on the region for vital energy is unlikely to diminish since the gulf contains more than half the world's proven oil reserves. The Paris-based International Energy Agency warns that by the year 2000, the major industrialized countries of the West could be importing 60% of their oil, with gulf producers supplying a growing percentage of that...
...Oil, though, is not the whole story. For the past 15 years, petrodollar- rich gulf states have provided a lucrative market for a vast array of Western products. Europe's export-dependent defense industries in particular have enjoyed a multibillion-dollar bonanza in the region. Although declining oil revenues in recent years have slowed the spending spree, the gulf remains an important market for West European and Japanese exporters. Last year British sales to the region were worth more than $8 billion, while French exports, excluding arms, brought in around $3 billion. The Japanese sold $6.8 billion in the region...
...their well- established European defense commitments. Still, British and French warships in the region, though operating independently, maintain close contact with American naval forces stationed there. Says a senior British defense official: "If there were any attempt to close the Strait of Hormuz and prevent the passage of Western oil tankers through the gulf, I have no doubt that the three navies would act together to keep the route open...
...Securities and Exchange Commission that he had bought more than 15.5 million, or 6.4%, of Texaco's 242 million outstanding shares for $541 million "exclusively for purposes of investment." The Australian tycoon said he has no intention of mounting a takeover bid for the third-ranking U.S. oil company (1986 revenues: U.S. oil company (1986 revenues: $32.6 billion). But Wall Street experts believe that whatever Holmes a Court is planning, his purchase may have thrown open the bidding on Texaco as the mammoth firm winds its way through Chapter 11 bankruptcy proceedings...