Word: cartelizing
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...best hope for ultimately restraining energy prices, increasing supplies and loosening the control of the cartel is to allow the market to function at last. Initially, there would be a severe penalty. If the U.S. removes all controls on oil, gasoline and natural gas, their prices will rise to world levels. This will reduce consumption and save oil for the most
...find a political scapegoat for roaring inflation, the Carter Administration has tried to place the blame almost entirely on OPEC for raising energy prices. While the foreign oil cartel is a major force behind inflation, it is far from the only one. Energy costs amount to about one-third of this year's projected 15.5% inflation rate. But indisputably, the new energy era poses a serious challenge to free-market economies. Modern industrial nations have been built on relatively cheap, easily available fuel. There is a real question of how, and whether, capitalism can continue to grow...
...production declines, increasing petropower for the cartel...
Following last year's 125% hike in the cost of crude oil, the OPEC cartel is now moving on a new tack in its offensive to win control over the world petroleum market. It is seeking to dominate global energy by reducing production in order to keep prices artificially propped up and to diminish the power of the so-called Seven Sisters, the major oil companies like Exxon and Shell that controlled world oil for half a century. These actions could result in a tense escalation of global petropolitics...
...cartel's pincer ploy on prices and production is especially galling for the once mighty international oil firms, which for decades controlled both the price and the quantities of oil that moved in world markets. Instead of dictating terms to their suppliers, the companies now find themselves reduced almost to the role of bystanders. The turn-around in oil trade began shortly after the 1973-74 oil embargo. The Europeans and Japanese, growing uneasy about leaving their energy supplies dependent upon the Seven Sisters, began scouring the world for government-to-government oil deals. These permitted their national petroleum...