Word: oils
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Dates: during 1970-1979
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...Soviets also need a stable regime in Tehran if Iran is to become a secure source of energy for them in the future. They are rapidly running out of oil of their own and will need to import large amounts of foreign oil beginning in the early 1980s. Under the Shah, the Soviets profited from cheap natural gas pumped from the Iranian fields through the Caucasus. To Moscow's chagrin, the Khomeini regime quickly canceled the deal after it came to power...
...which the Soviets as well as America's closest allies in Europe and the Middle East are agreed: that it would be a devastating mistake for the U.S., whatever the provocation, to punish Khomeini by using American power to destroy Iran's airfields or immobilize its oil production. Even the Saudis, though they are fond of saying that the U.S. should throw its weight around and act more like a superpower, are terrified at the notion that this might happen in their own backyard...
...most discouraging aspects of the Iranian crisis is how little it has moved the U.S. Government to counter the energy threat by taking dramatic action to conserve oil. Not only does the trauma in Tehran threaten at any moment to choke off deliveries of nearly 3 million bbl. of crude per day to an oil-thirsty world, but it increasingly jeopardizes petroleum supplies throughout the Middle East. U.S. Government officials calculate that a widespread upheaval in the Persian Gulf could quickly cut U.S. imports by 4 million bbl. per day, or more than 22% of total consumption. On another front...
...nation's petro-woes, and any move to curtail it substantially would have broad and deep economic consequences. Though rising prices and the slowing economy have cut gasoline use by 4.7% this year, the fuel still accounts for just under 40% of the 18 million bbl. of oil that the U.S. burns each day. The Administration estimates that an immediate 50? boost in the cost of gasoline, which now sells at an average for all grades of $1.04 per gal., would cut consumption by 7%, the equivalent of about 500,000 bbl. of crude...
...gasoline tax would be about the nation's strongest weapon, short of rationing. Under a timid law passed in October, rationing cannot be imposed until either Congress approves it or the President is able to declare that the nation faces an immediate threat of a 20% oil-supply shortfall. By that time waiting lines at service stations probably would reach to the horizon. Even then, Congress could overrule the President and block rationing...