Word: cartelizing
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...important reason will be the renewed upward thrust of oil prices. The 13-nation OPEC oil cartel last week raised its export prices by 6% to 10%, and oil producers warned of possible additional increases in 1981 (see following story). Meanwhile in the U.S., more and more domestically drilled crude is being marketed at sky-high world prices as a result of the continuing phaseout of domestic crude oil price controls. Democrat Otto Eckstein, president of Data Resources, an economic forecasting firm, estimated that rising petroleum prices will add 2.2 percentage points to the nation's consumer price index...
...cartel squabbles and then hikes the cost of crude
...engineered the crisis from which it is benefiting. Instead, the group has merely been a catalyst, if a particularly jarring one, for economic changes that were bound to come. Petroleum prices have been going up because worldwide demand for oil has been increasing relentlessly while supplies have fallen. The cartel's policies have been designed to exploit the opportunity and earn a higher profit from petroleum sales...
...years Sheik Ahmed Zaki Yamani has been Saudi Arabian Oil Minister and Mr. OPEC. Just before leaving for this week's meeting of the oil cartel in Bali, Indonesia, Yamani sat down in his Riyadh office with TIME Correspondent Bruce van Voorst to discuss the energy outlook. Some excerpts from the interview...
...storm windows. After the installation of a second wood stove this winter, they expect to shut down their old oil furnace for good. Boasts Cindy: "We could afford the oil bills. It's just that we'd rather not give the money to the Arab cartel. We're sort of proud of the fact that we won't burn...