Word: cartelizing
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...President was not only wrapping up an Egyptian-Israeli peace agreement that is bitterly opposed in much of the Arab world, but he was also preparing to announce some energy measures that would stress increased domestic oil production to reduce the nation's perilous dependence on the OPEC cartel. Throughout the industrialized world, meanwhile, governments were struggling to keep alive a recovery from a sharp recession that in large part had been caused by the big jump in oil prices since 1973. In this atmosphere, the cartel's decision was a shocker...
...Saudi Arabian light oil, to $14.55 per bbl. Though that alone would fatten OPEC'S already bulging bank accounts with an additional $20 billion annually from the U.S., Western Europe and Japan, as well as more foreign exchange from the have-not nations of the Third World, the cartel also moved to allow individual members to stick on whatever price-gouging surcharges and premiums they think they can get away with. That made official policy a tactic that many producing countries have been following all winter anyway. Finally, as if to add insult to financial injury, the OPEC representatives...
...cartel, which had raised its official price by 5% in January, achieved its new 9% boost by putting into effect on April 1 a series of phased increases that had been planned for the rest of 1979. There were worrisome signs that the OPEC countries, including Saudi Arabia, Iraq and other producers, were determined to make their new price offensive stick by limiting production now that Iranian output is once again climbing. Bragged Iraq's fiery Oil Minister, Tayeh Abdul-Karim: "No one country can affect this market now. As Iran's production goes up again, ours will...
...handful of regimes that aim for one of history's most massive transfers of wealth from other countries. Nor should Americans tolerate complacent reassurances that everything will be all right if folks would just put on sweaters and drive at 55 m.p.h. What good is conservation if the cartel can make up for declines in demands by simply pushing up the price...
...credits to the poor and to people who need to use much gasoline in their work, including farmers. The rest of the funds could be used, to finance energy development at home. By restraining imports, the U.S. would slow the outflow of American capital to the OPEC cartel and would make still more of it available for investment in domestic energy sources...