Word: panic
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Dates: during 1970-1979
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...Panic buying has given producing nations tantalizing inducement to raise their long-term contract prices. On the open or "spot" market, where the small percentage of oil not sold under contract is available, frenzied demand has sent prices up to more than $23 per bbl. Further whetting OPEC greed, Britain has boosted its price for North Sea oil by 2% above the cartel level...
...special sessions with top foreign policy advisers and insisted that they curtail any substantive comment on Iran policy. One official who did speak out was Andy Young, the ambassador to the United Nations; he predicted that "Khomeini will be somewhat of a saint when we get over the panic." Said Presidential Aide Jody Powell when asked about the remark: "The U.S. Government is not in the canonization business...
Schlesinger's aides, seeking to fend off criticism that their boss had overplayed the perils posed by the Iranian oil shutoff, quickly sought to explain that the Secretary was trying to promote "prudence, not panic." Indeed, the Iranian situation is already having a significant adverse effect on oil supplies. Since late December, lost Iranian production has been causing a worldwide petroleum shortfall of approximately 2.5 million bbl. a day. That is almost exactly the same amount that was lost during the 1973 Arab embargo, and oil companies are being forced to dip ever deeper into their inventories to make...
...failure to find some sort of compromise could also trigger a global banking panic, and that is something that would hurt Iran's creditors as much as Iran itself. Reports that Abol-Hassan Banisadr - said to be a leading candidate for Finance Minister in the regime that Ayatullah Khomeini wants to establish - plans to write off an undisclosed portion of Iran's foreign debt if cho sen for the post, were hardly reassuring. Said a Citibank vice president bravely: "Whatever comes out of this will be a sensible decision. Someone will be there with a level head...
...companies argue that the federal controls on gas prices that were imposed during the fuel panic touched off by the 1973 oil embargo discourage investment in new refineries because the return on investment is too low when compared with that produced by other operations. As supplies diminish, more and more oil firms are limiting deliveries of both leaded and unleaded to dealers. Two weeks ago Texaco joined American Petrofina and Phillips Petroleum in allocating supplies, and last week Chevron sought Government permission to take similar steps. Says Texaco Vice President Annon Card: "If demand keeps going...