Word: cartelized
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Twice in the past ten years the Organization of Petroleum Exporting Countries has sent the price of crude oil spurting, bringing riches to the 13-nation oil cartel and economic agony to just about everyone else. But now the combined effects of conservation and worldwide recession have left oil prices skidding, created a global supply glut where once there was scarcity, and shaken the foundations of the formidable cartel...
...felt as early as next month's meeting in Vienna of the Organization of Petroleum Exporting Countries. According to Oil Analyst Dan Lundberg, editor of the Lundberg Letter, the offshore gusher could lead to more unofficial price cutting by dissident OPEC members, weakening the links in the powerful cartel...
This predicament has not escaped the notice of the developing world. In Havana last spring, at the annual meeting of the Association of Third World Economists, representatives of developing countries praised a proposal for the formation of a "debtors' cartel" to negotiate more favorable credit terms from Western lenders and put an end to the IMF's "financial colonialism...
While a showdown seems unlikely in the near future, developing countries should form the debtors' cartel anyway to dramatize their need to break out of the vicious circle of indebtedness that hands control of entire countries over to outsiders...
...labor leaders argue that the agency exports American jobs overseas, even though OPIC contends that it is a creator of employment by encouraging U.S. exports. null biggest problem, though, might be confusion with that other organization. Said one Haitian businessman: "OPIC? OPEC? I thought it was the oil cartel, but we soon learned they weren't throwing money around like the Arabs...