Word: cartelizing
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...most potent inflationary forces are outside the direct control of Government. The soaring costs of fuel and food account for about half of the present inflation. But oil prices are dictated by the OPEC cartel, and food prices have been sent skyward by capricious weather. A combination of heavy spring rain, summer drought and early fall frost has already reduced crops of corn, wheat and soybeans, boosting the cost of everything from bread to salad oil, and feed for cattle and hogs. In August alone, the wholesale price of farm and food products rocketed 7.6%, and some Government economists believe...
...importing countries can be persuaded to adopt conservation measures, and if a formula for limiting exports is accepted, then?the Americans optimistically reason?the oil exporters would start to quarrel over how to share the shrinking market. This could eventually weaken and perhaps break up the oil cartel, permitting prices to respond to the demands of an uncontrolled marketplace...
...less energy than before. Even though several OPEC members reduced their output in a countermove, oil storage tanks in the consuming nations are nearly filled to capacity. Moreover, unlike the situation during last winter's embargo, the oil importers will soon be able to coordinate their response to the cartel's moves. Next month the U.S., Canada, Japan and all the Common Market nations except France will form the International Energy Agency (IEA), headquartered in Paris. This new group, whose members use 80% of the world's petroleum, plans to deal directly with OPEC and the oil companies and will...
...give the U.S. Postal Service a monopoly over delivery of first-class mail, freezing out potentially more efficient private competitors; gradually free airlines to experiment with lower fares for special classes of passengers; deregulate natural gas prices; move to eliminate antiquated Interstate Commerce Commission regulations that have fostered inflexible cartel-style rates and inflated truck and rail shipping charges by an esti mated...
Krasner said that the United States must realize that it cannot use military power to achieve economic objectives, and that the Arab oil cartel will not, in all likelihood, be broken in the next five years...