Word: cartelism
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...course, in hyper-liberal circles diamonds have been viewed with suspicion for years, a sentiment fed in equal parts by disgust for the infamous DeBeers cartel and a growing sense that perhaps wearing a measure of one's fianc?'s net worth on one's hand might not be the most practical use of two months' salary...
...expect relief from higher gas prices any time soon, despite OPEC's agreement to raise output. The oil-producing cartel and its non-member allies agreed Tuesday on a 1.7 million barell-a-day increase in the amount of crude they pump, in response to pressure from the U.S. for a 2.5 million-barrel-a-day increase. "Washington was pushing for 2.5 million a day in the hope that it would bring quicker relief to U.S. consumers," says TIME senior business writer Bernard Baumohl. "Even an increase of 1.7 million won't bring U.S. energy prices down that much...
...fact that the U.S. is forced to call in political chits to bring down the oil price shows a remarkable turnaround for an oil cartel that was all but written off two years ago, when it flailed helplessly trying to stop members from cheating on output targets as the price languished at $10 a barrel. "OPEC itself may have been surprised at the extent to which their members and associates have complied with production targets over the past year, because there had been so much cheating in the past," says Baumohl. "Non-OPEC producers would start to cheat to generate...
...price of oil has almost tripled over the last 14 months, from $11 to $30 a barrel, mainly due to supply constraints imposed by the cartel of Oil Producing and Exporting Countries (OPEC). The costs of heating oil and gasoline in the U.S. are rising substantially, with gas prices expected to reach $1.80 or even $2 a gallon by the summer. Although the price rise is smaller than those of the 1970s, some worry that the increases will fuel inflation--or convince Federal Reserve Chairman Alan Greenspan to raise interest rates--and choke off the economy's growth...
However, we should not expect the U.S. economy to make a transition to higher gas prices instantaneously. For the short term, Energy Secretary Bill Richardson is planning to visit OPEC nations before their March 27 conference, and the U.S. should not hesitate to pressure the cartel to restore normal levels of production...