Word: cartelized
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...last indefinitely. The fact that the U.S. now has slipped from its former position as the only real superpower merely reflects historical developments over which Washington had little, if any, control. Among them: the economic recovery and boom in Western Europe and Japan, the formation of the oil cartel and the Kremlin's determination to attain military parity with the U.S. Dimitri Simes points out that potential Third World targets for Soviet intervention have existed since the decolonization movement of the early 1960s. What has changed has been Moscow's military ability to take advantage of such opportunities. Says Simes...
...arguable. Says Richard Kjeldsen, senior international economist for the Security Pacific National Bank: "I cannot think of a single unilateral embargo that has been effective. Nor can I think of an instance in the past when wheat-producing countries have actually got together to function in some concerted, cartel-like operation. An embargo on grain shipments is simply a very leaky boat...
Unemployment, although down from 18.7% in 1975, still hovers at a depressing 12%. Like most developing nations, Chile has been badly hurt by OPEC price increases. The country imports 75% of its oil, and most of that had come from two of the shakier cartel members, Iran and Ecuador. In March, Iran broke its contract, and Ecuador has also stopped selling oil to Chile, forcing it to pay the sky-high spot-market price. Fuel bills jumped to an estimated $771 million last year, from $429 million in 1978, torpedoing projections for an inflation rate of under...
...disunity could lead to price-cutting competition, but only if the industrial countries, and especially the U.S., take more drastic steps to conserve energy and reduce imports than any they have instituted yet?and even then OPEC might come back together. It is presumably not in the cartel's economic or political self-interest to bankrupt its major customers, especially since many of OPEC's member states have invested their excess profits in the West. Yet even moderate nations like Saudi Arabia, which have fought to keep price boosts to a minimum, argue that inflation price hikes will be necessary...
...year, that action has been impeded by debate over which groups in the population, which regions of the country, should make the largest economic and environmental sacrifices. After Caracas, it was clear that unless the U.S. accepts some compromises that will cut its consumption of precious petroleum, the OPEC cartel will simply regroup and start pushing up prices in unison once again...