Word: cartelized
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...deficits, and 2) to the extent that a cutback in driving reduces oil imports, the U.S. will make itself less vulnerable to petroleum price increases that the OPEC cartel may decree. But the fee will not spur all that much conservation: a reduction of only 100,000 bbl. a day the first year, by Carter's estimate, in petroleum imports that now average 8 million bbl. a day. In order to prompt really significant conservation, a gasoline tax on the order of the 50?-per-gal. bite that Republican John Anderson has been proposing might well be required...
...most vital task of all is the adoption of an energy policy that sharply and lastingly reduces dependence on foreign oil. During 1980, the nation's ever climbing bill for imported oil will rise to $90 billion, a 20-fold increase since the 13-nation OPEC cartel first began pushing up its prices seven years...
...sure that we should encourage either banks or the IMF to recycle those funds. We should let developing nations deal with OPEC itself. That way, the blame for higher oil prices and balance of payments injuries can get directed where it belongs-at the cartel-and not at the intermediaries in the process...
Because inflation continues to weaken the dollar, members of the OPEC cartel are now actively considering pricing their petroleum not in greenbacks but in a basket of stronger currencies, including West German marks. This would cause demand for those currencies to surge and the dollar to drop. Then, of course, OPEC would argue that the U.S. must pay even more...
Ever since oil-exporting countries showed how to run up prices by banding together, other developing countries have dreamed of emulating OPEC's success. Discussions have been held about forming cartels to cover commodities as varied as coconut oil, copper and phosphate rock. Such Xerox copies of OPEC have almost universally failed because of easily available substitute products or the unwillingness of would-be cartel members to cut production enough to maintain high prices. The copper exporting organization, for example, was weakened when industrial users began replacing that metal with plastics and aluminum, and effectively collapsed when the last...