Word: cartellization
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...dominated Congress dislikes the Administration's energy platform, but has failed to produce an alternative. Just last week the House trounced the Ways and Means Committee's proposals to boost federal gasoline taxes and slap a tax on low-mileage automobiles. At the same time, the OPEC cartel announced that oil prices would be going up in October (see ECONOMY & BUSINESS...
OPEC met in Libreville, Gabon, and put on the record what was already obvious: it will "readjust" (meaning raise) oil prices again when the freeze ends Sept. 30. The 13-nation cartel named no figure, but President Ford reacted to nervous speculation that the increase would amount to $2 to $4 per bbl., on top of the current price of $10.46 per bbl. for the key grade of crude. Such a boost, said the President, would be "totally without economic justification...
...cartel voted also to quote oil prices not in dollars but in Special Drawing Rights-a type of global bookkeeping money created by the International Monetary Fund. The effect could be to inflate the dollar price of oil even more. The worth of an S.D.R. is based on an average of the value of 16 major currencies, including the dollar; lately the value of the dollar has been falling against most of the other currencies and thus against that of the S.D.R. If that slide continues, more dollars will be needed to equal an S.D.R.-or buy a barrel...
...nations far ahead of the game, and the oil price boosts have mightily helped to fan the Western inflation about which they complain. Indeed, OPEC's plans reflect raw economic power; given their control of 68% of the world's proven oil reserves, the nations in the cartel can set prices just about anywhere they choose...
Painful Dilemma. These demands present the industrial nations with a painful dilemma. If they agree to price-stabilizing pacts that would reverse the decline, living costs are certain to rise further in the developed countries. If they do not and no world energy agreement is reached, then the oil cartel states, which are already contemplating another price rise, might retaliate in support of the commodity producers with a larger increase that could choke off recovery from world recession. There is also a danger that the commodity price slump and the industrial world's growing reluctance to pour money into...