Word: auction
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Dates: during 1970-1979
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...whose officials have consistently argued that it is unrealistic for Middle East states to maintain posted prices for oil that are four tunes as high as they were last fall. Richer in petroleum reserves than any other nation, Saudi Arabia announced last month that in early August it would auction off some crude without setting a minimum price. Its plans aroused high hopes, especially in the U.S., that this month would see the beginning of the long-awaited price fall. But it is now clear that those hopes must be postponed. The auction...
...Saudi government has not said. Indeed, it has not officially canceled the auction, but neither has it ever sent out invitations to Western oil companies to bid. Possibly the Saudis are waiting for some indication from the new Ford Administration of just how much the U.S. values Arab cooperation. But most oil analysts suggest a different reason: however sincere the Saudis may be in their desire to cut oil prices, they are reluctant to disrupt the powerful cartel formed by the twelve members of the Organization of Petroleum Exporting Countries. King Faisal's government apparently feels that it cannot...
That it has signally failed to win. In fact, after plans for the Saudi auction were announced, government ministers from other Persian Gulf oil-producing nations hurriedly declared their readiness to cut back petroleum production, if necessary, to keep world prices from dropping. Abdel Rahman Al-Atiqi, Kuwait's Minister of Finance and Oil, warned: "If there is any attempt to undermine oil prices by any party through reducing them in an unnatural way, O.P.E.C. has a specific plan in hand to counter any such attempt. And when I say O.P.E.C., I mean all the member states without exception...
...Auction ItemWinning Bid Beatles Lunchbox $10.50 'Love Me Do' Single $6.00 Paper 'Beatlemobile' $10.00 Unreleased Album Cover $200.00 Revere Ringo Model $11.00 Beatle Sneakers $45.00 Beatle...
...hotel auditorium hosts the sale and auction. Baroque roses on the ceiling and wooden chandeliers seem incongruous with the psychedelic Beatle posters. Joe Pope, founder of Strawberry Fields Forever, serves as auctioneer. Wearing a white Beatle-buttoned tee-shirt and a tuxedo, Joe holds up a "Genuine Beatle Lunchbox." Well kiddies, you remember those little metal cases with the smiling faces of Paul, John, George, and Ringo. "OK, I have 50 cents, $2, $4, $5, $6...$10.50 once, twice, sold!" The crowd snatches up other rarities: a Beatlemobile, made of paper and string, for $10; a Revere plastic model...