Word: cartelizing
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...Libya, which pumps some 2 million bbl. daily and is the cartel's fifth largest producer, were to take such a step, the additional squeeze on world petroleum supplies would be devastating. Even though Gaddafi has made bombastic threats before and never carried them out, the shares of Occidental Petroleum and Marathon Oil, both big users of Libyan crude, came under such intense selling pressure on the New York Stock Exchange that trading had to be briefly halted. Only later was it learned that the irresponsible threat was probably inspired by nothing more than pique. Earlier in June...
...Geneva, Yamani did his best to persuade the cartel to hold the line at $18 per bbl. At one point, the Harvard-educated sheik grew so frustrated with the demands of Iran, Libya and Algeria, which were calling for a base price of at least $25 "to $26 per bbl., that he threatened to walk out of the conference. That led OPEC Chairman Mani Said Utaiba, of the United Arab Emirates, to convene a rump meeting in his private upstairs suite. It was during that gathering, at which Utaiba served dates from his home country and Arab spiced tea, that...
...many ways the biggest victim of the cartel will be the largest importer of petroleum, the U.S. OPEC'S increases are expected to add perhaps 100 or more per gal. to gasoline prices by year's end, lifting a typical family's automotive fuel bill by $250. According to one estimate, food prices will go up by some $70 per family, since energy is used intensively throughout the food chain, from farm to supermarket. Anyone unfortunate enough to heat his home with oil is likely to find that the cost of keeping warm in the Northeast this...
Last week's events should have made even clearer that the world's petro-woes are caused not by the oil companies, not even by the bureaucrats, but by the cartel. Whatever their past excesses, it is not the companies but OPEC's members that have banded together to exploit the world shortage of oil and to make that shortage more acute by holding back production. The response of the industrial nations, a forced limit on petroleum imports, will, their leaders agree, bring about a lowering of living standards. In the immediate future, the U.S. most likely...
...anything be done to break the tyranny of the toughest cartel in history, to prevent oil shortages and price gouging? The answer is yes-if. If the U.S. is ready. At last, the jarring events of the past few weeks have probably persuaded Americans that the crisis is real, and that the nation can meet it by making some sacrifices and changes in its lifestyle, by taking some chances and paying some costs. What is needed, of course, is to lessen immediately the country's umbilical dependence on crude oil from the cartel. Slackened demand could loosen the market...