Word: cartelism
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...hike, "to show the industrialized nations that we are serious when we say that they must keep inflation in check." Saudi Oil Minister Ahmed Zaki Yamani reportedly threatened to force prices down by dumping millions of barrels of cut-price petroleum on the market. In order to keep the cartel together, the delegates settled on a compromise that will hold posted prices steady but raise by 2% the royalties that they collect on each barrel from the companies. That works out to a mere 5? per bbl., or roughly one-eighth cent on a gallon of gasoline...
...they must form a cartel of consuming nations that would negotiate prices with the producers' cartel. "I think that can be efficient," said Simonet...
...cartel, named Union de Paises Exportadores del Banano (Union of Banana Exporting Countries), was formed by Colombia, Costa Rica, Ecuador, Guatemala, Honduras, Nicaragua and Panama. It proposes to slap a $1 export tax on every 40-lb. box of bananas leaving Latin America, 50 times the present 20 tax paid by major exporters. In the U.S., which is the world's top banana in imports of the yellow fruit, the tax boost could raise retail prices from the present 16%0 per Ib. to as much as 190. The International Longshoremen's and Warehousemen's Union...
...banana republics claim that they need extra revenue partly to pay the higher oil prices posted by the petroleum cartel. The export price of bananas has remained flat for two decades at about 80 per Ib., while retail prices have climbed steadily, mostly to the benefit of three U.S.-owned companies that grow, ship and market the fruit: United Brands, Del Monte and Standard Fruit & Steamship. Acting singly, the growing countries could not get a bigger slice of the banana pie. Unlike petroleum, bananas cannot be stockpiled; in fact, they must be eaten within twelve days of being picked...
...banana growers already are having trouble holding ranks. World demand for bananas is not rising appreciably, and General Guillermo Rodriguez Lara, President of Ecuador, the most prolific banana producer (90 million boxes last year), fears consumer resistance if prices rise too rapidly. He pulled his country out of the cartel almost as soon as it was formed and announced that he would not raise export taxes. If he sticks to his plan, the banana republics may wind up illustrating once again the difficulty that nonpetroleum commodity producers have in forging even the fragile degree of unity achieved by the Arab...