Word: cartelizing
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...point of contention was next week's ministerial conference in Paris of the rich nations of the North, the poor nations of the South, and the oil cartel. The original plan was that the nine nations of the Common Market would be represented by only one delegation, speaking for all the member states according to principles worked out in advance. In October, however, Prime Minister Harold Wilson's government declared that Britain wanted a seat of its own at the meeting. Wilson said that North Sea oil would soon make Britain a prime producer of oil, and thus...
...addition, a review of Christopher Rand's book, Making Democracy Safe for Oil, spoke of U.S. collaboration with the oil cartel. In 1970, the review said, the United States could have stopped the cartel on its way to power, and collaboration went on through the oil embargo of 1973, "which received encouragement from the State Department...
...scathingly criticizes these groups for delaying construction of the Alaskan pipeline. The slowdown retarded U.S. economic growth and helped the Arab-dominated OPEC oil cartel grossly inflate oil prices and expand its powers. Among the consequences: "The unemployment of black teen-agers...
Competition is preferable to collusion, even if collusion (or "cooperation") might be the best way to counter the cartel formed by foreign oil producers. That seems to be the philosophy of trustbusters who are waging war against the nation's big oil companies...
...Organization of Petroleum Exporting Countries is a cartel so powerful that it has seemed able to set prices wherever and whenever its 13 members pleased, regardless of market forces. But at a stormy meeting in Vienna in September, OPEC decided to raise oil prices 10% effective Oct. 1, rather than the 25% that some members had urged earlier. Now it appears that the actual increase will be smaller still. Experts at the Petroleum Industry Research Foundation reckon the weighted average of price boosts by all OPEC members so far at less than 9%-equal to a rise of about...