Word: oiled
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Dates: during 1980-1989
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...suspect that oil prices will continue to increase through the 1980s, a doubling of the real price of oil by 1990 would not be a surprise. (Indeed, we might face much worse trouble than that. Serious political troubles in the Persian Gulf area could cause large non-commercial cut-backs in supplies. That would pose a "national security" problem, of a major sort of us, the European countries, Japan, and other countries as well...
...equity and trouble. But the other options are likely to be worse: either a deep and persistent recession with unemployment at 9-10 per cent for two or three years. or a base-line rate of inflation of 8-9 per cent that is periodically ratcheted up by oil price increases, bad harvests, and the like. The choice of policy must face the questions of "compared to what...
...Iranian revolution has also had a dramatic impact on Western economies. 1979 was the year in which the world economy moved from an era of recurrent oil surpluses into an age of chronic shortages. Indeed, it was a year in which the frequent warnings of pessimists that the industrial nations had made themselves dangerously dependent on crude oil imported from highly unstable countries came true with a vengeance. For more than three centuries the industrial West had prospered thanks partly to resources from colonies or quasi-colonies. Now a great historical reversal was at hand...
...most of the time at no more than 3.5 million bbl. a day?little more than half the level under the Shah. Khomeini made it clear that no more could be expected. In fact, Iranian output has dropped again in recent months, to around 3.1 million bbl. a day. Oil Minister Ali Akbar Moinfar says it will go down further because "at the new price levels, Iran will be able to produce and export less and still cover its revenue needs...
...real prospect of another shut down in Iran or a supply disruption somewhere else. The lid came off prices with a bang. OPEC raised prices during 1979 by an average of 94.7%, to $25 a bbl.?vs. $12.84 a year ago and a mere $2 in 1970. Moreover, oil-exporting nations shifted a growing proportion of their output to the spot market, where oil not tied up under contract is sold for whatever price buyers will pay. Before the Iranian revolution, the spot market accounted for only 5% of the oil moving in world trade, and prices differed little...