Word: oils
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Dates: during 1970-1979
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...that "intelligence and policy failings were intertwined: intelligence collection and analysis were weak, and policymakers' confidence in the Shah in turn skewed intelligence." In fact, TIME learned that the CIA had left intelligence reporting to SAVAK in such areas as nuclear power operations, the Soviet Union and the oil situation. From his exile in Morocco, the Shah was also criticizing U.S. policy-for not giving him more support (see following story...
...their own rates, and they have prospered greatly. Indeed, over the past eight years the eight largest truck lines have earned an average of more than 20% a year on shareholders' equity, a return higher than that enjoyed by the leading firms in such high-profit industries as oil refining, auto, drug and computer manufacturing...
...problem this time is the Iranian oil shutoff. At first, U.S. officials dismissed the Iranian oilfield strike as a temporary phenomenon of no great consequence. But the strike has been dragging on since late October, and for the last month virtually no crude at all has been pumped out of the ground. Last week, in fact, the U.S. faced the bizarre situation of having to rush an emergency shipment of 200,000 barrels of diesel fuel and gasoline to Iran because local refinery output is insufficient to meet domestic needs...
Washington brows are beginning to furrow at the prospect that the U.S. might wind up with not even enough oil for itself, let alone anyone else. The nation depends on Iran for only about 5% of its petroleum needs, but other countries are nowhere near so lucky. Worldwide, Iran normally supplies about 20% of the total petroleum imports of all the consuming nations. Japan usually relies on Iran for 15% of its needs, and Western Europe generally is heavily dependent on Iranian oil, as is Israel, whose oil needs the U.S. has pledged to fulfill in the event of shortages...
...Saudi Arabia has helped to make up for the loss of Iran's oil by boosting its own output nearly 30% to some 10.3 million bbl. a day, close to the maximum that it is presently possible to pump from the Saudi fields. Iraq, Nigeria and Kuwait have also increased production somewhat. Right now, total world production is off by about 2 million bbl. a day. That is roughly equal to about 4% of global petroleum consumption, or more than enough to supply all the daily needs of Britain or Canada...