Word: opec
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Dates: during 1990-1999
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...purpose of the [Six-Cities] study was to provide air quality standards in the U.S.," said Dockery. "It was started in the mid-'70s, when it was felt that there would be a major change in the way electricity was generated," he said. This change was anticipated after OPEC launched an oil, embargo. The shortage of oil, many thought, would force U.S. power plants to switch to the use of coal for electricity generation...
None of our other main objectives will have been accomplished. Saddam Hussein will still be in power, oil prices will still be subject to the will of OPEC, and that alleged principle of not rewarding aggression--well, we all know how consistently it will be upheld in the future. My argument, however, is that an Iraq freed from the reign of Saddam Hussein can, if not totally justify our actions, at least salvage some of our principles and maybe even allow a sense of pride...
...intentions is not one of them. In May 1990 he told a gathering of Arab leaders in Baghdad that he considered oil production above the limits set for each producer nation by the Organization of Petroleum Exporting Countries to be an act of war. Kuwait was exceeding its OPEC limits at the time. But a senior State Department official dismissed the statement as "typical exaggerated rhetoric." Says the same official today: "I guess there is a lesson here: Take a tyrant at his word...
...days before the invasion, when Assistant Secretary of State for Near Eastern and South Asian Affairs John Kelly told a congressional subcommittee, "We have no defense-treaty relationships with any of the ((gulf)) countries. We have historically avoided taking a position on border disputes or on internal OPEC deliberations, but we have certainly, as have all administrations, resoundingly called for the peaceful settlement of disputes and differences in the region." Says Hamilton: "The Administration still believed Saddam was a guy they could work with. They were still taking that position right up to the day of the invasion." Like Saddam...
...fears of $50-per-bbl. oil. World oil supplies are greater than they were a year ago despite the lack of production from Iraq and Kuwait. With the war over, most experts foresee a temporary plunge to as low as $15, which can only help consumers. Even if OPEC reins in production and maintains a price of $21 per bbl. or so, as it apparently would like, most consumers can live with that, and business had been forecasting such a price for 1991 before Iraq's invasion of Kuwait last summer. Gasoline prices are lower than before the invasion...