Word: persian
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...course, is the price of oil. TIME'S economists are cautiously optimistic about the near-term energy outlook. France's Chevalier, an energy expert, sees no significant increases in world oil prices during 1981 beyond those following the OPEC meeting in Bali two weeks ago. Though the Persian Gulf war knocked out 2.9 million bbl. per day from Iran and Iraq, according to Chevalier's figures, other OPEC members, including Saudi Arabia, Kuwait and the United Arab Emirates, increased output to ease the shortfall. Oil importers are also being helped by increased production in Mexico, the North...
...about 2 million bbl. a day in 1980. Some production has resumed in Iran and Iraq, and the Saudis are continuing to pump about 2 million bbl. a day extra to make up for the shortfall caused by the Iranian revolution and by the destruction resulting from the Persian Gulf war. This has permitted oil companies and major petroleum-importing countries to maintain large reserves as a cushion against future price increases or production shortfalls. World reserves are about 300 million bbl. above normal for this period, and both the U.S. and Japan have decided to increase their stockpiles. Without...
Brezhnev also unveiled what he termed a new Soviet "doctrine for peace and security" in the Persian Gulf. He called on the U.S., its NATO allies, China and Japan to agree not to set up military bases or deploy nuclear weapons in any of the oil-producing countries of the region. This was a direct challenge to the Carter doctrine, enunciated after the Afghan invasion; it pledged the U.S. to protect the gulf and adjacent sea lanes from any Soviet threat. Washington promptly rejected Brezhnev's proposals. A State Department spokesman characterized them as "vague, inequitable and unworkable...
...long is the Persian Gulf war likely to continue...
...October, when the Persian Gulf war cut off shipments from Iraq and Iran, Brazil lost 40% of its petroleum imports. Following that, the government moved even more vigorously to alcohol power. It hiked the price of gasoline to $3.10 per gal., or 86% higher than the cost of alcohol fuel, and increased road taxes on gas-powered cars to 134% more than on alcohol models...