Word: petroleum
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...thirsting nations of the Third World, the skyrocketing price of petroleum has threatened the virtual bankruptcy of whole economies, destabilized political systems, and even toppled governments. At one extreme, the social unrest that led to this year's military coup in Turkey was fueled, to a considerable extent, by the inability of that nation to maintain normal economic growth in the face of ever higher prices for imported oil. The Iranian revolution, on the other, was spurred by precisely the opposite problem: a far too rapid, and socially disruptive, industrial development that was made possible by inflated oil prices...
Diplomatically, the need of Western countries for petroleum imports from Arab suppliers has strained relations with Israel and among members of the NATO alliance. A pessimistic study titled Energy and Security, which was published last week, warns that only dramatically strengthened energy security programs can protect oil-importing nations from the shocks and chaos of supply interruptions...
With oil costs soaring, the hunt for alternatives to OPEC petroleum has become a global obsession. To bolster conventional sources of crude, oilmen are drilling more and deeper than ever before. Often they are going to depths of 15,000 ft. or more, and frequently in storm-tossed seas that not even a seasoned mariner would care to navigate. A record 60,000 new oil and natural gas wells are expected to be dug in the U.S. this year, as compared with 27,602 in 1973. Meanwhile, engineers are racing to find new and more effective methods to recover...
...million bbl. of that is imported. Despite their heavy drilling, oilmen are finding fewer gushers. By 1990, U.S. oil production will have diminished by about 20% from current levels. Thus, the U.S. will continue for most of the decade to be vulnerable to Middle East petroleum cutoffs and exorbitant OPEC price demands...
Dependent on foreign suppliers for 85% of its petroleum needs, Brazil fears that an unchecked appetite for oil could stunt the country's growth and worsen its already horrendous 109% inflation rate. Five years ago, the Brazilian government began heavily subsidizing construction of new sugar distilleries to encourage the switch from crude to cane. As production of alcohol increased, new service-station pumps popped up around the country. At first, most of them dispensed gasohol, which was mixed at a ratio of 80% gasoline to 20% alcohol and could be used by regular car engines. But in the past...