Word: cartelized
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...Ayatullah will not be on hand to view the latest round in this protracted conflict, but his Finance Minister, Ali Ardalan, will sit down in Geneva on Tuesday with his opposite numbers from the other twelve nations in the OPEC cartel...
...planners have discarded as all but unworkable various schemes to form a kind of consumers' cartel to negotiate with OPEC, or to put a ceiling on the price the seven countries would permit corporations to pay for oil on the Rotterdam "spot" market (users bid there for supplies not tied up under long-term contracts, and prices have shot as high as $40 per bbl.). French President Valery Giscard d'Estaing, speaking on behalf of the European Community, outlined a plan to freeze European oil imports at last year's level and to "dissuade companies from lending themselves to transactions...
...calm the panic buying that is turning what should be a moderate shortage into a nightmare. Indeed, the nation had better get used to coping with shortages. The one in 1973-74 disappeared quickly after OPEC turned on the spigot following the end of the Arab oil embargo. The cartel seems unlikely to do so again, and even if it did, no one could trust an increase in output to last. Meanwhile, the threat of economic slowdown and runaway inflation in the non-Communist world gets stronger every...
...dedicate a $28,000 solar heating system. At the same time, he announced a solar energy program for the U.S. It sets a goal of meeting 20% of the nation's energy needs from all forms of solar energy by the year 2000.* Said Carter: "No foreign cartel can set the price of sun power, no one can embargo...
...Treasury Secretary Michael Blumenthal saw "some very nasty storm clouds" developing quickly as a result of the oil cartel's seeming insatiability for higher prices, while West German Chancellor Helmut Schmidt intoned about "great danger" ahead for all concerned, including the oil producers. The best hope that France's President Valery Giscard d'Estaing could offer anyone was that the industrial world could look forward to a prolonged period of "sober growth...