Word: panic
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Dates: during 1980-1980
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...fact, prices have already begun inching up for such high-value petroleum products as diesel fuel, naphtha and heating oil. The increase is slower than the breakneck pace that characterized the pay-any-price panic of 1979, when the spot cost of crude oil shot up from $13 to $40 per bbl. In Rotterdam, hub of Europe's volatile crude-oil spot market, small cargoes last week were selling for anywhere from $4 to $5 per bbl. above the long-term average rate of approximately $32 per bbl. that the 13-nation OPEC cartel is now charging...
...than in 1979 largely because the world's oil-importing nations have bulging inventories. Japan has a 111-day supply, some of it stored in tankers swinging at anchor in Japanese ports. Observes one top oil industry executive in New York City caustically: "The Japanese would like to panic, but they have no place to put any more...
...lost 7% of its total petroleum supply. If it had to happen, the loss could hardly have come at a better time. For good reason, throughout the West there was a concerted effort to reassure the public. Some oil experts and politicians insisted that there was no cause for panic, that the future was not so desperate as some headlines leaped to suggest, and that the immediate impact of no oil from Iraq and Iran would be negligible. Speaking at a White House press conference last Wednesday, Jimmy Carter stressed that there was no energy emergency. Said he: "The consuming...
...precious crude from the Middle East would once again be cut off. Last week, as the war between Iran and Iraq threatened to make that bad dream a reality, financial centers from New York to Tokyo immediately trembled. But the markets then responded with surprising strength and absence of panic. Said one Manhattan stockbroker at midweek: "The market seems to be taking this as if nothing were happening. It seemed that the latest Middle East war was one the Western oil-consuming world could still afford, at least for the moment...
Meselson warns, "We should not consider chemical weapons in an atmosphere of panic. Like most technological advances, inadequate attention has been given to the long term implications of building chemical weapons...