Word: ares
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Dates: during 1970-1979
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The projected increases are expected to raise the nation's oil import bill from about $62 billion this year to more than $83 billion, representing a rise in fuel costs of $80 for every American citizen. The increase, said Energy Secretary Charles Duncan, could add from 4? to 8...
Yet OPEC's failure to agree on a single price presents the oil-importing nations with a rare chance. If they substantially reduce their consumption of crude, prices at long last could be braked. Decreasing demand for petroleum can easily stampede OPEC's members into a back-stabbing...
Iran and Libya urged that OPEC adopt the classic market-tightening tactic of cartels: production cutbacks of 5% to 10% that would keep prices high even if demand sags. But several members, including Venezuela, resisted on grounds that production levels are a matter of national sovereignty. Among those opposing the...
The discussion hopelessly stalled over pricing differentials, which are the variances in costs that are supposed to reflect the relative values of crudes according to their sulfur content and distances from major markets. Algeria, Iran, Libya, Ecuador, Gabon and others rejected a proposal to reduce the differentials, which help them...
Besides stricter conservation, one vital policy for the U.S. is to boost the use of coal and the production of syntheic fuels, including shale oil. The U.S. could be producing as much as 6 million bbl. of "synfuels" a day by 1990, equal to about 75% of all current imports...