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Word: cartelizing (lookup in dictionary) (lookup stats)
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United in history's most efficient cartel, these nations exploited modern civilization's dependence on oil. Their power came from the uniqueness of oil, an exhaustible and not quickly replaceable resource that has long been shamefully wasted by much of the world. Because oil is not usually found where it is most consumed, and demand for it is so great, it is the most widely traded commodity in world commerce as well as a highly volatile element in world politics...

Author: /time Magazine | Title: FAISAL AND OIL Driving Toward a New World Order | 1/6/1975 | See Source »

...Staff Chief Donald Rumsfeld observed: "I think the President has put his house in order." Events seemed to support that judgment. Ford returned from a conference with French President Valery Giscard d'Estaing in an upbeat mood. While reducing differences on their approaches to dealing with the oil cartel, the two leaders also defrosted Franco-American relations a bit. At home, the Administration's energy experts finally completed the package of options from which Ford must select hard choices (see ECONOMY & BUSINESS). Rumsfeld finished work on a White House staff overhaul ("It's pure Jerry Ford...

Author: /time Magazine | Title: THE ADMINISTRATION: Rocky and Rummy: Getting Organized | 12/30/1974 | See Source »

...During a meeting in Martinique, Ford and French President Valéry Giscard d'Estaing reached an agreement that should end a debilitating, year-long sparring match between Washington and Paris over a vital matter: how to deal with the OPEC (Organization of Petroleum Exporting Countries) cartel responsible for the fourfold rise in oil prices that has so shaken the industrial economies. The U.S. has maintained that the consuming countries must form a united front to deal effectively with the OPEC cartel. Unhappy with this implied strategy of confrontation, the French have urged tripartite negotiations on mutual cooperation among...

Author: /time Magazine | Title: POLICY: Scouting Strategies at Home and Abroad | 12/30/1974 | See Source »

Currently the State Department is trial-ballooning a far-out idea to keep oil prices high for consumers in the U.S. and other major oil-importing nations, even if the cartel of oil-producing countries is broken and world prices drop. The proposal is to guarantee domestic producers a price around the present $10 or $11 per bbl. for new oil pumped out, guarantee equivalent prices to investors in new energy projects such as coal gasification(thus increasing domestic energy production), and perhaps place a variable tariff on imported oil so that it would still cost U.S. industry and consumers...

Author: /time Magazine | Title: ENERGY: Groping for a Harder Line | 12/16/1974 | See Source »

...heady success of the Organization of the Petroleum Exporting Countries in pumping up the price of oil, four countries that account for 70% of the world's copper exports last week adopted some of OPEC's tactics. Zambia, Zaire, Chile and Peru, members of a cartel called the Intergovernmental Council of Copper Exporting Countries (CIPEC) announced plans to reduce shipments of the metal by 10%. Said Fernandez Maldonado, Peru's Minister of Energy and Mines: "The Arabs have shown...

Author: /time Magazine | Title: CARTELS: Imitating OPEC | 12/2/1974 | See Source »

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