Word: petroleum
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...place them in a position of being able to turn off the oil tap for Western consumers almost at will when the oil shortage starts to really bite later in the 1980s." It would also put them in a position of having immediate access to the gulf's rich petroleum reserves when, in the next few years, the U.S.S.R.'s domestic output of oil is expected to start falling short of its internal needs...
...should adopt an energy program to slash its own oil consumption and so to alleviate upward pressure on petroleum prices in world-markets, which in turn compels developing countries to chose nuclear power. Ideally such an American program should include the decontrol of oil and gas prices (accompanied by tax relief for the hardest-hit consumers), the development of mass transit, and the adoption of solar power and conservation measures, which a group at the Business School recently said could cut the nation's energy consumption by 30 to 40 per cent...
...there had been no revolution in Iran," says John Lichtblau, executive director of the Petroleum Industry Research Foundation, "1979 would have been a normal year." The strikes that accompanied the revolution shut off Iranian production completely early in the year. Though output resumed in March, it ran 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...
...preachments seemed to have little effect, as the Shah set about building the most thoroughly Westernized nation in all of the Muslim world. The progress achieved in a deeply backward country was stunning. Petroleum revenues built steel mills, nuclear power plants, telecommunication systems and a formidable military machine, complete with U.S. supersonic fighters and missiles. Dissent was ruthlessly suppressed, in part by the use of torture in the dungeons of SAVAK, the secret police. It is still not clear how widespread the tortures and political executions were; but the Shah did not heed U.S. advice to liberalize his regime...
...Islamic revolution in Iran has sent out shock waves of confusion and distress throughout the monarchies of the Middle East. A state of jitters prevails in the Arabian peninsula, whose petroleum exports are vital to the security of the U.S. and its allies. The rulers of Saudi Arabia, the largest oil exporter of all, are reported to be frightened; a new set of security regulations is in force throughout the country. The governments of the tiny states of the Persian Gulf are also worried, about both their Shi'ite and Palestinian populations and about the wave of Islamic fundamentalism...