Word: tanker
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Dates: during 1970-1979
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...full 1.6 million bbl., and thus help reduce dependence on foreign oil. Without the pipeline, it would be difficult to raise the North Slope output: the West Coast is already overflowing with Alaskan crude, and Sohio is having to ship some 350,000 bbls. a day of it via tanker through the Panama Canal, a process that adds up to $1 per bbl. to the cost. What is more, oil companies are barred from exporting Alaskan oil, even if the purpose is to swap it for foreign oil that can be brought more easily to East Coast ports...
World supplies are short enough that Iran expects no trouble finding buyers, particularly from countries that have little if any oil of their own and seem willing to pay any price for supplies. As Nazih was speaking, a tanker was reportedly loading 300,000 tons of crude at Iran's Kharg Island for Japan at the new, extortionate price. The easy sale could well tempt other producing nations to post similar price increases in the days ahead...
...sales contract. Sometimes operating out of telephone booths, profiteers have been offering deals on as much as half of Indonesia's total production, which local politicians are said to have got their hands on. Oil cargoes have been sold four and five times while the tanker was still on the high seas, and each subsequent owner has pocketed vast profits. At a dinner of the Institute of Petroleum in London two weeks ago, while guests sipped cocktails and swapped tales about their spot profits, one trader offered to sell a 50,000-ton cargo of heating...
...bank employees, civil servants and teachers were all out on strike. The severest problems were caused by the virtual shutdown of the oilfields. At the huge loading terminal in the port of Kharg Island, one eyewitness told TIME Correspondent Dean Brelis that Iranian workers sullenly half loaded a foreign tanker and then told its crew: "We don't need you. Now get your ass out of here." Virtually no foreigners remained at the refineries, and even the army withdrew its guards from administration buildings and installations, which were left in the hands of the strikers...
...matter, was the Shah's loyalty to the U.S. Helms remembers that during the oil embargo of 1973, the Shah sent his emissaries to Egypt and Saudi Arabia to plead for a quick end. He kept Israel supplied with oil at that time. Once he secretly sent a tanker out to refuel an American carrier task force running low on oil in the Indian Ocean. In the closing days of the Viet Nam War, at U.S. request, he instantly dispatched a squadron of F-5s to Saigon. His planes and ships have patrolled the Strait of Hormuz for years...