Q. Will the fires Iraq set to some Kuwaiti oil wells do much economic damage?
Shipping companies have been rocked by the rise in oil prices and the embargo of Iraqi and Kuwaiti oil.
"The industrialized nations need Iraqi and Kuwaiti oil and will buy it at any price."
No Iraqi or Kuwaiti oil should be permitted to pass through the Gulf.
Soviet tankers now carry Kuwaiti oil through the Persian Gulf.
With a complete cutoff of Iraqi and Kuwaiti oil since August, there have been no gas lines, just higher prices.
A naval blockade would insure that Iraqi and Kuwaiti oil never reach foreign buyers.
The loss of Iraqi and Kuwaiti oil from world markets during the gulf war was offset by increased Saudi production.
The embargo against Iraqi and Kuwaiti oil will shave one or two percentage points off world growth rates in the short term.
He has been leading an effort to break the embargo on the sale of Iraqi and Kuwaiti crude oil.
