Word: iraqization
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Concerning Iraq: once again, United States intelligence has abysmally failed...
Started by the Economic Cooperation Administration in 1948 to encourage more U.S. firms to invest abroad, the program resulted in agreements with 37 nations, including Jordan, Iran and Turkey. Pacts with Lebanon and Iraq were being negotiated when the shooting started. Since 1948, 220 policies covering $207 million worth of foreign investment have been sold. But this is barely a drop in the foreign-investment bucket: U.S. investment abroad rose by about $3 billion last year to a total of $36 billion...
Within minutes after the news from Iraq hit the wires last week, oilmen began to face up to the problem of what to do if oil supplies from the Middle East are cut off. Though Baghdad Radio announced that the new regime will honor existing agreements with Western oil companies, and oil continued to flow (see FOREIGN NEWS), few oilmen were willing to relax. From beneath the burning deserts of the Middle East flow more than 4,000,000 bbl. of oil a day, a quarter of the free world's production. About 90% of the oil is exported...
Other Wells to Draw On. If Iraqi oil were cut off, the world market would hardly know the difference. Iraq now produces 704,000 bbl. per day, only 17% of total Mid-East production and less than 5% of the world's total; the U.S. pumps more than nine times that much. Iraq provides only between 9% and 10% of Great Britain's total oil requirements, though it does ship about 34% of France's current supply. Any cutoff of its oil could easily be made up by cracking the taps a fraction wider in other Mideast...
...which gets only 200,000 bbl. daily from the Middle East, few oilmen would propose a dramatic increase in domestic production to offset loss of the Iraq supply. They are wary of repeating their mistake during the Suez crisis, when they amassed stores of oil so large that production had to be chopped back hard this year. Last week the Texas Railroad Commission boosted the number of producing days in August from nine to eleven, but made it clear that the hike was due to a slight rise in petroleum demand and a reduction of oil inventories rather than...