Word: petroleum
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Dates: during 1970-1979
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...arsenal began pouring into Iran. America's decision to depend on the Shah as its surrogate policeman in the Persian Gulf was perceived as even more crucial in the aftermath of the 1973 Arab oil embargo, when Iran disregarded the boycott and continued to sell vital petroleum to the West. In retrospect, one top U.S. policymaker of that period reflects: "We let the arms sales get out of control, and we failed to press the Shah to establish the roots of democratic institutions...
...Washington these days as "exactly the sort of thing the U.S. should not do in the Middle East today." In the 1950s a ranking U.S. ambassador in the Middle East, Raymond Hare, summed up the U.S.'s minimum interests in the region as "right of transit, access to petroleum, and absence of Soviet military bases." That probably remains the bottom line today. Toward that end, the U.S. may have to step up technical, economic and (very selectively) military aid. Already the U.S. has a potential "archipelago of allies" that aid each other in opposing Moscow-supported internal subversion...
...addition, many companies and countries made large oil purchases during the last three months of 1978 anticipating the 14.5% price increase announced two weeks ago by the Organization of Petroleum Exporting Countries. But if the Shah were replaced by a fundamentalist Shi'ite government eager to cut back on his modernization schemes, the subsequent reduction in Iranian exports would push prices even higher, with the result, in the view of one oil expert, that "we'd all fall...
...state representative in Georgia "come in here and pay $1,500, $1,800 or even $2,000 an acre for land that, even with inflation, should not cost more than $800." Iowa Congressman Tom Harkin warns that the oil-producing nations, which sold the U.S. $45 billion worth of petroleum last year, "could buy the whole state of Iowa, every acre of farm producing land, with just 394 days of oil production...
...people who duck and run when the chips are down, said Ford, indirectly referring to Carter. Ford also said that the Shah, who is considered more friendly to the U.S. that, any of his potential replacements, said the nations should support his regime to keep a steady flow of petroleum imports from the oil-rich Middle East state...