Word: cartelism
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...repel the enemy. Instead of skipping lightly over a broad spectrum of national and foreign policies, the President concentrated almost exclusively on specific means to counter the worst economic slump since the Great Depression, the nation's almost 14% rate of inflation and the U.S.'s dangerous dependence on cartel-controlled foreign oil. Displaying the blunt candor that is his most politically attractive quality, the President proclaimed himself the bearer of "bad news," declared flatly that "the State of the Union is not good," and announced that he did not expect "much if any applause."* Then he unfurled an economic...
...Ford of the necessity of a tough conservation program. That was urgently needed, he argued, to stop the hemorrhage of dollars to oil-exporting countries and demonstrate to the other oil-importing countries, which the U.S. is trying to weld into a coordinated bloc for bargaining with the OPEC cartel, that the U.S. really means to reduce imports. But Kissinger played little part in putting together the details of the proposals. That was done by a group headed by Frank Zarb, chief of the Federal Energy Administration...
...OPEC producers would feel a gradual squeeze in a world of $10.80 oil, as users gained increased self-sufficiency. Total demand from the industrialized countries would drop by at least 10% in ten years. By the late 1970s, the 13-nation cartel would have to consider deep cuts in production-and perhaps in prices as well. But by that time, the consuming countries would have a vested interest in high-cost oil, seeing it as permanent insurance against further extortion by the oil producers...
...collective decision to cut back meat production"--if he is talking about this country, then I wonder how far in the future he imagines this process will occur. The oil-producing countries of the Third World started collecting a fair price for oil because they put together an effective cartel; not because the U.S. collectively decided to buy at higher prices. In the case of food, if the Third World is to get some of the protein it needs there will necessarily be less meat for Americans. How will this happen? Meat consumption will decrease when prices go high enough...
Even so, the consumers must conserve to show OPEC that they are serious and to hold down their payments to the cartel. Kissinger has urged that they hold their oil imports essentially flat over the next decade. For the U.S., that would mean a decline in the annual rate of increase in energy from 4.3% in the past ten years to 2% or 3% in the next decade. The Trilateral Commission has called for limiting the annual growth in energy use during that period to 2% in the U.S. and Canada, 3% in Western Europe and 4% in Japan. Certainly...