Word: adelman
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Dates: during 1970-1979
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...Nassau conference, Democratic Senator Henry Jackson declared: "The oil companies acting alone cannot be credible bargainers with OPEC." M.I.T. Economist Morris A. Adelman has gone even further, accusing the multinational oil firms of merely acting as tax-collection agents for the oil exporters. Both he and Jackson have suggested that the U.S. and other big oil consumers join together in a concerted diplomatic effort to break the OPEC cartel...
Morris A. Adelman, professor of Economics at MIT, said that current oil shortages and rising gasoline prices are due to several causes. He said that at the same time that the U.S. ran out of low-cost domestic sources and began importing more oil, an international cartel composed of the governments of oil-producing countries monopolized the supply...
...Adelman said he thought the crisis would last at least until 1985. He expressed confidence, however, that decreased demand for imports, as the result of an Alaskan pipeline and evaluation of environmental costs of energy, would end the shortages after that time...