Word: cartellization
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...Interstate Commerce Commission effectively operates a cartel for the trucking industry, and the Civil Aeronautics Board administers a cartel for the airlines," he said...
CONSERVATION. By cutting demand, the major consumers of oil can force the members of the Organization of Petroleum Exporting Countries into production cuts that some of them, at least, will eventually find intolerable. Needing greater revenues, these oil countries would buck the cartel, increase output-and lower prices. The U.S., said Kissinger, intends to reduce oil imports from about 7 million bbl.- per day now to 6 million bbl. by the end of 1975-and to only 1 million...
...experts see the dissolution of OPEC in the Saudi-led move. But the development was a rare break in the cartel's ranks. The back-door price increase should above all remind consuming nations that high oil bills are a fact for the present, and should fortify their conservation efforts. Still, as consumers harken to Secretary Kissinger's contention that the cartel can be weakened through conservation and cooperation, the new dissent in the OPEC tent could be a faintly heartening omen...
...peaceful means do exist to put pressure on OPEC. Because the U.S. has technical know-how, financial might and far more abundant domestic energy reserves than most other nations, it can, with determination, reduce its dependence on the cartel's oil. America now burns 16 million bbl. of oil daily. Of that, 6.3 million bbl. a day-or 35% of the nation's oil consumption and 18% of its total energy-flows from abroad. If the U.S. could pare its oil demands by 1 million bbl. a day -a mere 3% of all the energy that it uses...
...moment hundreds of millions of surplus barrels of oil are in storage tanks round the globe. With less business from the U.S., the OPEC states would have even more surplus capacity on their hands. The cartel is already reducing production; to maintain high prices in the midst of significant U.S. conservation, OPEC would have to cut further. Only the sparsely populated Arab nations could afford such a cutback. At some point, several OPEC members would probably lower prices-nobody dares speculate by how much-thereby taking at least a modest step toward normal market conditions. And the U.S. would have...