Word: cartelized
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...thirsty world, but it increasingly jeopardizes petroleum supplies throughout the Middle East. U.S. Government officials calculate that a widespread upheaval in the Persian Gulf could quickly cut U.S. imports by 4 million bbl. per day, or more than 22% of total consumption. On another front, the 13-nation OPEC cartel, which has raised petroleum prices by some 1,600% since 1970, is preparing to lift prices yet again when it meets next week in Caracas. Meanwhile Congress continues to dither and quibble over President Carter's five-month-old energy package...
...inflationary impact will quickly spread throughout the whole economy, since crude oil price increases affect not just automotive fuel but all petroleum products. Enacting a gasoline tax would not only slow consumption while providing less inflationary pain, but would also soften the impact on the economy of future cartel price increases because less foreign oil would be entering...
...squeeze on all the developing countries, Sri Lanka is now begging for mercy from the OPEC price pinch. In a government-sponsored petition that President Junius Jayawardene hopes will be signed by 3 million of his nation's 14.5 million citizens, the island republic pleads plaintively that the cartel grant special concessionary prices to Sri Lanka's "dedicated and hard-working people...
...stiff rise from the current official maximum of $23.50 per bbl. now seems increasingly likely when the cartel meets in Caracas on Dec. 17. So too do market-tightening cutbacks by a number of cartel members eager to keep oil prices high even as the world economy slows...
Iran has been trying to induce other members of the OPEC cartel to refuse payment for oil in dollars and instead to demand a "basket" of other currencies, presumably West German marks, Swiss and French francs, and Japanese yen. In fact, there is not nearly enough of these currencies available to pay for the huge oil transactions, and European and Japanese governments would wind up unavoidably having to expand their money supplies in a most inflationary way to accommodate the deals. Fortunately, the Saudis and other oil producers plan to continue accepting dollars. To ban them would cause...