Word: cartelizing
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...main reason is the renewed weakness of the dollar. At the cartel's June meeting, which lifted average crude costs by 42%, to about $20 per bbl., even so-called moderate members warned that a 5% drop in the dollar's value could easily provoke another round of increases. In the past month the greenback has slumped by almost that much against strong foreign currencies, and several OPEC states are calling for an emergency meeting on prices as early as September in Vienna-well ahead of the next officially scheduled conference in December...
...expansion in Japan. West Germany, Europe's trusty "locomotive," will slow to about 3%, while France will do well to reach 2.5%. Because of higher prices for oil, balance of payment deficits for the OECD countries will double, to $40 billion. Meanwhile, the combined surpluses of the OPEC cartel will also double, to $70 billion...
OPEC has declared war on the Western world. An infinitesimal percent of the earth's population is directing the destruction of the economic foundation of the world. Odd and even selling days are not the answer. The basic solution is that the OPEC cartel must be broken...
...proven reserves of oil and gas stood at the equivalent of 40 billion bbl., well above those of both Venezuela and Nigeria but still far below Saudi Arabia's 160 billion bbl. Though Mexico is not a member of OPEC, it took a page from the cartel's book last week and lifted its prices from...
...could also reduce OPEC's power by buying more oil and gas from nations outside the cartel, especially those in the Americas. The need is urgent to create a North American Common Market. Canada has vast supplies of natural gas; the U.S. could negotiate to provide guaranteed markets and much needed capital in return for a steady supply of gas. Mexico is proud and sensitive about its patrimony of oil and gas, but the U.S. could acquire more of it by admitting more Mexican immigrants, giving trade preferences to Mexican exports, exchanging American agricultural technology to help feed...