Word: cartelized
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...brought the news that all of them had awaited with dread. On the other side of the globe in Geneva, the OPEC ministers had once again jacked up the world price of oil, and the bite was fully as bad as gloomy prophets had predicted?and perhaps worse. The cartel's complex system of base quotes and surcharges works out to an average price of between $20 and $21 per bbl.?up 15% just from last week, 50% since Jan. 1, and 1,000% from the $1.80 price at the start...
...there was not much that the seven could agree on to contain the damage. For the moment, at least, OPEC has the industrial world over a barrel. The summiteers decided to hold imports from the oil cartel at about their present levels, in order to limit the flow of cash from their countries and, just possibly, dissuade the OPEC leaders from piling on yet more price boosts when they meet again, in December at the latest. That done?and very little it was?the seven summiteers disbanded. Carter, after a weekend visit to the U.S. military front lines in South...
...basic situation: the cartel's 13 member nations are now pumping roughly 31 million bbl. of crude out of the ground each day, 2 million bbl. more than last year, but still 2 million bbl. less than nations want to buy in order to keep their factories humming. The shortage has set off a scramble that permits OPEC to charge almost any price its members wish; some U.S. officials fear that the cartel will ram through yet another 15% increase by year's end. The only way to head it off, say government leaders around the world (including OPEC leaders...
Little that was done in Tokyo will help to ease that process. Before the meeting started, diplomats discarded as unworkable the idea of forming a consumers' cartel to bargain with OPEC. The summit leaders did agree, however, to push production of coal and nuclear power...
...gouging in more than five years. Rich and poor alike, the oil-importing nations are still struggling to recover from the recession that followed OPEC's huge price rises of 1973 and 1974. The latest assault, which is expected to send an incredible $182 billion cascading into the cartel's overflowing coffers by year's end, is almost guaranteed to plunge even the strongest economies into an oil-greased slide all over again...