A B727-200 FIRST OFFICER RPT ON FUEL REMAINING AFTER MAKING A THIRD APCH TO GET INTO ELP; TX.

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FIRST OFFICER FLYING PLT. ELP RPTED WINDS 330/29G37. WIND CONDITIONS MADE ILS 22 UNFAVORABLE; AND WE WERE CLRED FOR THE VOR/DME 26L. VISIBILITY RPTED AT 1 MI. ESTABLISHED INBOUND ON THE 245 DEGS. THE SUN COMBINED WITH THE BLOWING DUST RESULTED IN US NOT BEING IN POS TO LAND WHEN WE MADE VISUAL ON RWY. WE ATTEMPTED A SECOND APCH WITH SAME RESULT. I CALLED MISSED APCH; AND TOLD CAPT WE SHOULD CONTINUE TO ALTERNATE. THE CAPT AND ENGINEER DETERMINED THAT OUR FUEL STATUS WAS OK FOR A THIRD APCH; AND WE GOT VECTORED FOR OUR THIRD ATTEMPT WITH THE CAPT AS FLYING PLT. A B737 WAS AT THE SAME TIME ON HIS SECOND ATTEMPT AND THIS DELAYED US FURTHER. AT MDA ON CAPT'S APCH; WE WERE STILL NOT IN POS FOR STRAIGHT IN. BUT THE DUST WAS MOVING OUT; AND THE SUN SETTING SO VISIBILITY IMPROVED GREATLY. WE COULD NOW DO A VISUAL WITH LEFT DOWNWIND/BASE FOR RWY 26L. WE LANDED WITH 50 MIN FUEL REMAINING. THE CAPT'S DECISION TO ATTEMPT A THIRD APCH; AND FAILING TO CONSIDER THE DELAY BEING VECTORED BEHIND AT LOW ALT; AND ADDED FUEL BURN; CONSUMED THE MAJORITY OF OUR CRUISE FUEL TO ALTERNATE. ALTHOUGH WE LANDED WITH LEGAL IFR RESERVE; WE SHOULD HAVE CONTINUED TO THE ALTERNATE AFTER OUR SECOND APCH.