Word: may
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Dates: during 1970-1979
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Most Americans support President Carter's policy that Iran will suffer "grave consequences" if the hostages are harmed. But, psychologically, the damage for some may already be done. Says Dr. Bert Brown, former director of the National Institute of Mental Health: "The fact is, the hostages have already been harmed -some of them for life...
...begun selling crude under long-term contracts for about $26 to $27.50 per bbl., inviting additional leapfrogging increases. By going to Caracas with their petroleum once again priced close to cartel levels, the Saudis will be able to argue that they have returned to the fold and may gain stronger bargaining power to stop or at least slow further rises...
...developing countries' oil-import bill jumped from $4 billion in 1972 to about $44 billion this year, and some have-not nations are openly complaining about OPEC. The worsening crisis over crude prices may create an ideological dilemma for Third World leaders like Tanzania's Nyerere who were originally strong supporters of commodity cartels...
Just as a homeowner struggling with heating bills may turn to his bank for help, the have-not nations are hefty borrowers. Their loans from Western banks and international aid authorities have surged to a dangerously high $300 billion, and are expected to rise some $60 billion next year. The LDCs may be about to run out of credit to cover their bare requirements. Bankers are becoming increasingly cautious now that payments on their Iranian loans are in question, and they are under pressure to diversify their lending...
...reportedly agreed to sell oil to the Israelis at a price of roughly $27 per bbl. in the hope that this would encourage investment in Egypt by Jewish-American businessmen. Oil-exploration deals have been signed with a number of Western firms, and hopes are high that new strikes may be made in the Sinai, the Gulf of Suez and the Western Desert. Oilmen reckon that by 1982 Egypt may nearly double its production to 1 million bbl. a day, which would put the country almost in a class with Algeria...