Word: cartelism
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...neighbors, majority members of OPEC [BUSINESS, Feb. 28]. This commitment to security for the Middle East and OPEC has been going on for nine years, with no end in sight. Doesn't America have any leverage with which to persuade the OPEC nations (Saudi Arabia, the emirates and other cartel members) to reconsider their production cuts and resultant price increases? We could stop monitoring Iraq and let OPEC feel the pinch of scarcity of another precious resource--U.S. military power and the security it provides. WILLIAM J. ROBERTS Fort Walton Beach...
...Those countries have already gotten the message loud and clear, and have indicated they'll push OPEC to agree to increase production when the cartel meets on March 28. Still, the increase they're currently proposing amounts to 1 million barrels a day, whereas the production cut in effect since last March amounted to 4 million barrels a day - and the recovery in the world economy since then has actually seen an increase in demand. "The production increase they're currently offering may slow down the price rises, but it isn't going to bring the price down," says Baumohl...
...barrel Wednesday, an almost 10 percent increase in the space of a week that has Wall Street jittery and President Clinton warning producer nations against continuing to choke the supply. The price has more than trebled over the past year, after oil-producing nations inside and outside the OPEC cartel agreed to cut back production in order to drive prices back up. "Even though we're not nearly as dependent on oil today as we were 30 years ago, it still accounts for 40 percent of our energy use, and last year - when prices were depressed - it accounted for some...
...sales--one from the buyer, the other from the seller. It's perfectly legal to drop or raise your prices after a rival does; gas stations facing off across an intersection do it all the time. What's illegal is for two or more rivals to form a "cartel" by agreeing in advance to fix a price. One of the signs that this may be happening is a close, copycat pattern of changes--and this, the Justice Department claims, is what has been happening for years between Sotheby's and Christie's. In 1992 Sotheby's raised its buyer...
...inside the drug world. Even though the customers never made a single stock trade--double-digit stock gains are paltry in contrast to 400% returns on cocaine--the sting paid off last week with federal indictments of five Colombians, who are believed to have ties to the Cali drug cartel, on drug trafficking and money-laundering charges. The indictments capped an international operation in which authorities have so far arrested more than 40 people in the U.S. and abroad and seized some 3,500 kg of cocaine and $10 million of laundered drug money...