of the morning. The flurry of helicopters and rescue ships streaming to the rocky island took little notice of the old vessel headed away from the destruction. Yet in its wake, the drill ship had single-handedly devastated Iranian oil exports, jolting the global petroleum market once again while plunging China into a state of chaos.
-35-
To the teetering oil futures market, the report of the destruction at Kharg Island hit like an atomic blast, unleashing a fear-driven free-for-all. Frenzied traders jumped over the oil futures contracts, bidding the price of sweet crude up to a stratospheric one hundred fifty dollars per barrel. On Wall Street, the Dow headed in the opposite direction. A reeling stock market was forced to shut down early as trading curbs halted activity after a massive sell-off erased twenty percent of the market's value in half a day.
Across the U.S., anxious motorists reacted to the news by racing to the nearest gas station to fill their cars up on cheaper fuel. The stampede buying quickly exhausted the thin margin of surplus refined gasoline and fuel shortages soon sprouted across every state. Sporadic violence flared over the waning supply in some regions as a sense of panic gripped the country.
At the White House, the president called an emergency meeting of his top security and economic advisers in the Cabinet Room. A no-nonsense populist elected from Montana, the president listened quietly as his chief economic adviser recounted a litany of disastrous consequences resulting from the oil shock.
'A near doubling of oil prices in less than a month will produce unprecedented inflationary pressures,'
touted the adviser, a balding man with thick glasses. 'Aside from the obvious distress to the entire transportation sector, there are countless industrial and manufacturing bases that rely on petroleum content. Plastics, chemicals, paint, textiles ... there's hardly an industry that is not directly impacted by the price surge. The dramatic rise in oil costs will have to be passed on to the consumer, who is already suffering from shock at the gas pump. An immediate recession is a foregone conclusion. My fear is that we are standing at the precipice of a deep and prolonged economic depression of global proportions.'
'Isn't this price hike a knee-jerk reaction?' the president asked. 'After all, we don't import a drop of oil from Iran.'
'There is a major element of panic, no doubt about it. But the damage to Kharg Island disrupts the global supply of oil, which impacts the price in the U.S. even if our own import supply remains steady. Of course, we are already seeing a shortfall in imports from the destruction at Ras Tanura. As a result, the markets are on edge. The anxiety is partly being fueled by rumors, one of which says that a terrorist element was responsible for the damage to both Persian Gulf facilities.'
'Anything to those claims?' the president asked his national security advisor, a studious man with a lean face.
'None that we've ascertained,' the man replied in a staid voice. 'I'll task Langley with a further look, but all evidence points to naturally occurring earthquakes. The fact that two damaging rattles took place in close relative proximity appears to be a fluke of nature.'
'Fair enough, but let's not take chances with any homegrown fanatics who want to capitalize on the situation here for a headline. Dennis, I'd like Homeland Security to elevate the terrorist threat advisory for all seaports. Let's make sure surveillance is boosted at our oil terminals, particularly along the Gulf Coast.'
'Consider it done, Mr. President,' replied the director of homeland security, seated opposite of the chief executive.
'Garner, I think a quick means to quell the public hysteria would be to immediately release some stocks from the Strategic Petroleum Reserve.' The suggestion came from Vice President James Sandecker, a retired admiral and former head of NUMA. He was a small but intense man with blazing eyes and a fiery red Vandyke beard. An old friend of the president, he seldom addressed his boss by title. 'The oil markets should cool down over time. Releasing a portion of the reserves should dampen the immediate public fear of an outright oil shortage, and perhaps boost confidence in the markets.'
The president nodded. 'Write up a Presidential Order to that effect,' he barked at an aide.
'A sales pitch from the bully pulpit might not hurt, either,' Sandecker added, glancing toward a large portrait of Teddy Roosevelt hanging on a side wall.
'I'll do my part,' the president agreed. 'Contact the networks and schedule a televised address for tonight,' he directed. 'I'll advocate voluntary gas rationing for the next thirty days. Might help the refineries catch up on supplies. We'll get the public calmed down first, then try to figure a way out of this mess.'
'There must be some options to consider,' mused the chief of staff. 'Temporary price freezes and mandatory fuel rationing could be instituted quickly.'
'Might be wise to promote some conservation measures publicly while privately twisting some arms,'
Sandecker said. 'We can probably entice some of our other foreign suppliers to boost oil production.
Maybe our domestic producers can help as well, though I understand the Alaska Pipeline is now operating at capacity again.'
'Yes, the arctic drilling has increased production,' the economic adviser confirmed. 'We would otherwise be in a lot worse shape right now. But that just means the upside from our present condition is limited. The measures mentioned are all fine and good, but they will only have a minor effect on domestic demand. The ugly reality is that they will have almost no impact on the global markets. A major supply fix is what's needed and that will take months for Saudi Arabia and Iran to sort out. I'm afraid to say, there is very little we can do right now to impact the global price of oil in a meaningful manner.'
The dire assessment silenced the room. Finally, the president spoke.
'All right, gentlemen, put everything on the table. I want to look at all options and every worst-case scenario. And I suspect we'll have to move fast. With the oil price holding at the current level, exactly how much time do we have before completely losing the economy?' he asked, his dark eyes boring into the economist.
'Difficult to say,' the adviser replied nervously. 'Perhaps a thirty-day window before we see the first major work stoppages and associated layoffs. Once the markets have digested this initial shock, the price pressure may abate. But we'll need to see a price retreat of at least thirty to forty dollars to avoid a severe recession. The flip side is that the markets are in a very tenuous state. Another shock of any sort and we could have a global calamity on our hands.'
'Another shock,' the president said softly. 'God help us from that.'
-36-
The empty patch of sand that yielded Summer's porcelain figurine now looked like an underwater construction site. Aluminum grids and yellow ropes stretched in all directions across the seabed, punctuated by tiny orange flags staked into the ground. What had started as a sample test pit dug near the rocky outcropping had grown into a full-blown excavation project after Dirk and Summer uncovered a large framing timber buried two feet under the sand. Additional test pits confirmed that the porcelain figure and stone anchor were no random objects tossed over the side but part of an entire wreck buried between the two coral reefs.
Beautifully crafted blue-and-white porcelain plates and bowls, along with votives and carvings of jade, all hinted at a wreck of Chinese origin. Portions of the ship's frame also correlated with the design of a massively sized Chinese junk. To Summer's amazement and chagrin, the potential discovery of an early Chinese ship in Hawaiian waters had caused a sensation. Media representatives from around the world descended on her like vultures to capture the story. After a slate of repetitive news interviews, she was only too happy to slip on a tank and fins and escape the bedlam underwater. The news-hounds would lose interest in the story quick enough, she knew, and then the excavation could be resumed uninterrupted.
Summer floated over the grids and past a pair of divers blowing sand away from a large timber believed to be the sternpost. A few yards away, manual probes driven into the sand had detected another large section of wood that might be the rudder. Gliding to the edge of the work site, she kicked toward the surface alongside a drop
