Word: arabism
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Dates: during 1970-1979
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...system technically lifts the official, or "bench mark," price of crude to a record $18 per bbl., up fully 42% since the first of the year. That is the price that Saudi Arabia, Qatar and the United Arab Emirates will charge. The other ten OPEC members, which account for almost two-thirds of the cartel's exports, will sell at $20 per bbl. Reason: most are already charging an average of $17.50 per bbl. as a result of premiums and surcharges, and a rise of a mere 500 per bbl. hardly seemed worth the trouble...
...road delegate: "You just cannot believe how greedy these Iranians have become. They think they have invented the wheel." One of the cartel's greediest leaders, Libya's strongman, Colonel Muammar Gaddafi, touched off a mini-panic on Wall Street at week's end. An Arab magazine quoted him as threatening to halt Libyan oil exports for up to four years and appealing to other oil producers to do the same. Said he: "The more we store the oil in our ground, the better it will...
...Harvard-educated sheik grew so frustrated with the demands of Iran, Libya and Algeria, which were calling for a base price of at least $25 "to $26 per bbl., that he threatened to walk out of the conference. That led OPEC Chairman Mani Said Utaiba, of the United Arab Emirates, to convene a rump meeting in his private upstairs suite. It was during that gathering, at which Utaiba served dates from his home country and Arab spiced tea, that the compromise was struck...
Just as in the panicky period that followed the Arab oil embargo in 1973, the major auto firms were caught off guard by the sudden buyer switch to smaller cars. Of General Motors' new X car line, President Elliot Estes notes: "We guessed in favor of the six-cylinder engines. But right now sales are running 60 to 40 in favor of the fours." GM is getting no help from its big cars either. Sales of the standard Chevrolet are off 20% since January; Buick Le Sabres are limping almost 29% behind 1978's pace, and purchases...
...supply, but they might calm the panic buying that is turning what should be a moderate shortage into a nightmare. Indeed, the nation had better get used to coping with shortages. The one in 1973-74 disappeared quickly after OPEC turned on the spigot following the end of the Arab oil embargo. The cartel seems unlikely to do so again, and even if it did, no one could trust an increase in output to last. Meanwhile, the threat of economic slowdown and runaway inflation in the non-Communist world gets stronger every...