Libyan-Led Embargo Said `Empty' Threat / Loss Could Be Made Up

By L. D. Barney | THE JOURNAL RECORD, April 16, 1986 | Go to article overview

Libyan-Led Embargo Said `Empty' Threat / Loss Could Be Made Up


L. D. Barney, THE JOURNAL RECORD


The threat of an Arab oil embargo against the United States in retaliation for its attack on Libya is an empty one, say Oklah oma-based energy experts.

"In the current world oil glut that's not much of a threat," said Bill Dutcher, senior vice president with The RAM Group Ltd.

Tuesday, the Organization of Petroleum Exporting Countries refused to discuss an embargo, reportedly called for by Libya. The 13-nation cartel did agree to protest the U.S. bombing of Libya, but neither the attack nor the OPEC meeting appeared to have any effct on financial markets - including oil prices.

United States imports from Arab nations amount to not more than 500,000 barrels a day, less than 10 percent of all U.S. imports, Dutcher said.

Loss of that amount could easily be made up by purchases from non-OPEC sources such as Canada or Mexico. Non-Arab OPEC countries like Venezuela are also likely sources, Dutcher said.

Any embargo by Libya itself would be "negligible," Dutcher said. Since President Reagan imposed economic sanctions on Libya, the U.S. imports less than 4,000 barrels of Libyan oil a day.

"It probably would not have that much effect on us," agreed John Spears, analyst with Tulsa-based Spears and Associates.

"There's plenty of oil around and it would not have much affect on prices," he said. "If they didn't sell it to us, they'd sell it to somebody else.

"It would all be kind of a wash. Embargos are only influential when supply and demand are tight.

Conoco Inc., the only Oklahoma-connected oil company with interests in Libya said Tuesday it had received no indication its operations would be affected.

Conoco has one-third of a Libyan-based company named OASIS. It is licensed by the U.S. government to do business in Libya, said Conoco spokesman John Gehbauer. Since February Conoco has sold about 500,000 barrels of oil, by tanker, to European refiners.

"There has been no indication of any change of attitude on our operations," Gehbauer said.

Libya production averages about 1 million barrels a day.

- Crude oil futures prices Tuesday closed at $12.70 a barrel, down 27 cents from Monday's settlement. Traders appeared sceptical that OPEC will reach an effective agreement to limit production,according to wire reports.

Saudi King Fahd said in a statement distributed by the official Saudi news agency that his kingdom was opposed to any cut in production below the current unofficial OPEC ceiling of 16 million barrels a day.

- Stock prices were up slightly but the dollar was mixed against other major curriencies. The bond market was also mixed.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Libyan-Led Embargo Said `Empty' Threat / Loss Could Be Made Up
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.