Word: petroleum
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...that they had just engineered a huge increase in the price of crude oil. Unfortunately, this was no Arabian Nights fantasy but sobering reality last week. Several Arab ministers really did take part in a "Dance of the Rifles" to celebrate the sixth price boost by the Organization of Petroleum Exporting Countries since 1973, and potentially one of the most devastating...
...finish the difficult budget for fiscal 1980 (and suffering from a flare-up of hemorrhoids that forced him to cancel all appointments on Thursday). Administration economists immediately tried to calculate what the damage from the OPEC price hike would be for 1979. They estimated that the cost of petroleum products, ranging from heating oil to gasoline, would rise 3? to 5? a gallon. The inflation rate, now projected at 7.5% for next year, would rise by another .3%. The rate of economic growth, they estimated, would be trimmed by .15% to 2.5%, a performance sluggish enough to lead...
...production to as little as one-fifth of the normal flow. Premier Gholam Reza Azhari went on television to appeal to the oil workers to go back to work, declaring that their strike was "bending the backs of 34 million Iranians." Azhari said he was "ashamed to admit" that petroleum-rich Iran was being forced to import kerosene, which most Iranians use for heating and cooking...
...kind of first step in contingency planning, however, the U.S. was quietly asking several other oil-producing countries whether they would be able to increase their petroleum output in case Iran's production dwindled even further than it had already. At week's end a strike by oil workers had cut the country's normal daily production of 6 million bbl. to about half that total. Then, at the suggestion of National Security Adviser Zbigniew Brzezinski, the President invited George Ball, an Under Secretary of State in both the Kennedy and Johnson administrations, to join the National...
...severe or long-term shortages-unless they panic and start trying to keep their gas tanks full at all times. Warns a top DOE official: "If people get a crisis mentality, we could get a problem that really isn't there." Adds Frank Ikard, president of the American Petroleum Institute: "The thing that I fear most is that the public will think the Shell announcement is the prelude to general rationing. If they do, we could talk ourselves into a panic and wind up with long lines of cars in front of gas stations...