Word: oils
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Dates: during 1970-1979
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...primary concern in the West about the Shah's newest crisis was the potential threat to Iran's control over the Persian Gulf, the funnel for much of the oil destined for Japan, Europe, Israel and the U.S. Iraq, which got the Shah to stop Iranian support for a rebellion of its Kurdish separatists in 1975, feared the revival of ethnic and tribal tensions in the region. Fearful that a successful move to topple the Shah would unsettle other monarchies in the area, Saudi Arabia's King Khalid called on Arab nations to give the Shah all possible support...
...most vocal political force opposing the Shah. A professor of law at Tehran University and an expert on constitutional government, Sanjabi looks more like an elderly businessman than an opposition political figure. He was once a disciple of Mohammed Mossadegh, the "fainting fanatic" who nationalized the Anglo-Iranian Oil Co.; he served in Mossadegh's Cabinet before the Premier was overthrown by the Iranian army (with CIA help...
...second issue holding up the Washington negotiations concerns Sinai oil. With unrest spreading in Iran, which supplies 40% of Israel's oil, Jerusalem wants to make sure it has an ironclad agreement to buy Sinai oil from Egypt. It also wants the Neptune Oil Co., a U.S. firm that currently has an Israeli contract to pump oil in the Sinai, to continue to do so. Egypt has refused to deal with Neptune, arguing that the company is working the Sinai fields illegally. Complicating these negotiations is the fact that they are tied to simultaneous bargaining over Israeli troop withdrawal from...
...When oil and gas were discovered under their harsh, frigid waters in 1969, Norwegians felt confident that North Sea energy riches would give them the means to create a perfect society. Even before the money came in, they started spending it to enhance an elaborate social-welfare system that has given them one of the world's highest living standards. But the state budget crept up, until today this system takes an astonishing 54.9% of the gross national product. Belatedly, Norwegians discovered that they were living well beyond their means...
Unrealistic oil production and revenue predictions, expensive delays and 100%-to-200% cost overruns at offshore platforms have led to economic crisis. Norway has greatly overspent its oil revenues. Prime Minister Odvar Nordli, whose Labor Party has governed for five years, felt it necessary to submit an austerity budget for 1979 and propose a wage-and-price freeze through the end of next year; the Norwegian parliament last week approved the freeze proposal...