Word: globalization
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Dates: during 1980-1980
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...more than one TIME. There are, in fact, eight editions of the magazine outside the U.S., and each one can augment the fare in the domestic editions with stories of special interest to our foreign audience. The task of making TIME responsive to the regional concerns of its global readership belongs to International Editor Karsten Prager. Building upon the U.S. TIME, Prager decides each week which stories to add overseas with his staff of writers and researchers and, frequently, whether to put a different subject on the cover. When war broke out between Iran and Iraq last week...
...from Iraq and Iran were suspended, including crude deliveries through Iraq's pipelines to the Mediterranean. Between them, the two nations export just over 3 million bbl. per day, around 20% of gulf crude shipments, an amount that would not necessarily be critical at a time of a global oil glut. But there was the dire possibility that the Strait of Hormuz, 30 miles wide at its narrowest point, at the southern end of the gulf, might be closed because of the hostilities. Halting the flow of the supertankers that steam through the passage would have a devastating ripple...
...reason for the confidence is a fat cushion: oil stocks now are more plentiful than they have ever been. On average, they are equal to about 100 days' supply in the non-Communist world. Aside from the high inventories, there is also considerably less demand because of the global recession. Before the Persian Gulf war, according to British Energy Secretary David Howell, free-world production was exceeding consumption by about 2.5 million bbl. a day. The excess had resulted in a general agreement by the Organization of Petroleum Exporting Countries at their Vienna meeting two weeks ago to slash...
...warned however, the conflict could provide the Soviet Union with an excuse to intervene in Iran under the terms of a past treaty, but Bisharat doubted the USSR would resort to such an option because "that would invite a global conflagration...
Says the commander of the RDJTF, Marine Lieut. General Paul X. Kelley: "We have a global mission, but our focus is on the Persian Gulf." Since some of the units available to Kelley are not sufficiently trained and equipped for combat and most are based in the U.S., the force would have to be quickly whipped into shape and airlifted to staging areas mear the combat zone. There it would "marry up" with equipment and supplies prepositioned on ships now cruising off Diego Garcia, a British-owned island in the Indian Ocean some 2,500 miles south of Hormuz...