Word: persian
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...houses and pools with solar panels. Result: the U.S. reduced its reliance on oil imports from 8.6 million bbl. per day in 1977 to 4.3 million bbl. last year. Even better, much of that supply came from such newly expanded sources as Mexico and Britain rather than the volatile Persian Gulf countries...
...that the oil slump could further taint the attitudes of those countries "toward the West in general, and the U.S. in particular, provoking a likely nationalistic response based on a belief that Western governments somehow engineered the price collapse. It would possibly further fuel Islamic fundamental nationalism in the Persian Gulf...
...mass exodus of hundreds of thousands of laid-off migrant workers --mainly Egyptians, Palestinians and Pakistanis--from the Persian Gulf could overtax their native lands and stir political unrest. While singling out no particular country, Secretary of State Shultz cautioned last week, "History teaches that nations in deep economic distress are more vulnerable to political instability, to the simplistic appeals of demagogues who preach siren songs of war and confrontation as a diversion from home...
...concern is that low prices have erased the profit margins of many U.S. producers, forcing them to shut down their wells. While Persian Gulf countries can pump oil for less than $5 per bbl., many U.S. wells cost $12 or more per bbl. to operate because much of the easily accessible crude has already been tapped. Some oil analysts believe that one goal of the Saudi price-war strategy is to bankrupt many of these high-cost producers, wipe out the glut and then boost prices once again when the competition is gone. Most forecasters think that oil prices below...
...work. It lies at anchor in the port of Southampton, manned only by two security guards who walk its 5 1/2 acres of decks. Meanwhile, 17 more big tankers stand idle in fjords along the coast of Norway. At the port of Fujairah, near the mouth of the Persian Gulf, Harbor Master Roger Turnbull begins each day in his control tower by counting the empty ships that appear on the horizon in their almost futile search for cargo to carry. One morning this month he counted 55, then two days later, 69. Says he: "They drift in during the night...