Informed Sources: Jun. 27, 1994

Fear of Falling Oil Prices

WASHINGTON -- France and other U.S. Gulf War allies are eager to win contracts to help rebuild Iraq and want the U.N. to lift sanctions against Baghdad so it can resume exporting oil. But PRESIDENT CLINTON opposes the move -- and not just because Iraq remains a threat. If Iraq starts exporting oil, Administration energy experts warn, the price for crude could fall by nearly half, to $11 per bbl. That would spell trouble for volatile and financially strapped oil exporters such as Russia and Saudi Arabia -- and for 60 oil-patch lawmakers, who begged Clinton...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!