Word: cartelizing
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...ironically, Pan Am may be helped by a phenomenon that it and nearly every other intercontinental carrier has fought against bitterly: low-cost group travel abroad. The International Air Transport Association, the carriers' cartel that has fixed prices on overseas tickets for 26 years, has been unable to agree on a 1973 fare structure for the heavily traveled North Atlantic routes, leaving the airlines to compete among themselves beginning Feb. 1 in an "open fare" situation. Although Pan Am officials remain worried that too much bulk flying may cut into their scheduled-service sales, air officials in Washington...
With little fanfare, Freeman recently announced that Tenneco and two other Houston firms (Texas Eastern and Brown & Root) are carrying on negotiations with the Soviet Union for rights to the vast natural-gas fields of central Siberia. The cartel is bargaining for a 25-year deal to transport, in liquid form, some 2 billion cu. ft. of natural gas daily -about three times as much as all of New England now uses every 24 hours. U.S. demand for imported natural gas is expected to skyrocket in the near future, since projected needs far outstrip the available supply at home. Final...
...traditional European response to such troubles has been to form a cartel to restrict production and raise prices, but that way out is no longer easy. Last March the West German Cartel Office fined nine German companies $15 million on charges of fixing prices and sharing markets. The companies are appealing, but the Common Market's trustbusters are studying the case to see if the nine also should be brought before the European Court of Justice in Luxembourg. The companies may escape further chastisement, but for reasons that can give them only cold comfort. The cartel was terribly inefficient...
...often driving down demands from one government by threatening to buy more oil from others. But in negotiations beginning in 1969, the eleven members of the Organization of Petroleum Exporting Countries (OPEC)* overcame their vast political and social differences. For the first time, they formed an oil suppliers' cartel, which now provides more than 85% of Europe's oil and 90% of Japan's. The U.S. imports 23% of its oil, mostly from Venezuela, and by some industry estimates will have to get 60% of its oil from abroad...
AIRLINES High-Level Mess While the world monetary system continues to rattle and shake, another citadel of international agreement is falling further into disarray. The airline cartel, embodied in the 108-member International Air Transport Association, has entered a fresh round of warfare over transatlantic air fares. Passengers stand to benefit from lower fares, but some lines may suffer disastrous losses...