Word: cartelized
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THIS month OPEC members met with non-OPEC oil producing nations for the first time, determined to curb global oil production and boost oil prices. The prospect of a resurrected cartel and another energy crunch has the Reagan administration worried. And that might not be so bad, after...
...diamond cartel has been able to impose the price increases largely because of intense demand from Japan, where the strong yen has made imported gems a bargain and young couples have developed a newfound fondness for diamond engagement rings. While many diamonds have become more expensive in the U.S., sales still sparkle aplenty. One reason: single professional women are increasingly buying their own gems -- in discreet sizes...
...which imports 37% of its daily consumption. Energy Secretary John Herrington, on a seven-nation swing through Southeast Asia, was inspired to lecture non-OPEC countries that the Reagan Administration was opposed to any manipulation of the price of oil. He told TIME, "The efforts to establish a worldwide cartel will end in failure...
...price index. Oil prices, in particular, have been climbing for several weeks and may keep going higher. Reason: for the first time ever, oil producers who remain outside the Organization of Petroleum Exporting Countries (among them: Mexico, Egypt, Malaysia and China) have agreed to meet formally with the struggling cartel. This expanded group of oil exporters, which controls 57% of production outside the Soviet Union and Eastern Europe, could try to boost prices by fashioning an agreement to limit output. While such a pact might fall apart if producers cheat on quotas, as they have so many times...
...Attorney General in Colombia is about as secure as that of a high- wire acrobat. In January, Attorney General Carlos Mauro Hoyos Jimenez was kidnaped and brutally murdered by henchmen of the Medellin cocaine cartel for advocating the reinstitution of a Colombian-U.S. extradition law. Now his replacement, Acting Attorney General Alfredo Gutierrez Marquez, 63, has resigned. The reason: cocaine traffickers had used an airstrip on a ranch owned by his brother Libardo, 70. Gutierrez may have lacked the right attitude for his job anyway. Three weeks after assuming his post, he suggested that the best way to defeat...