Word: cartels
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Dates: during 1970-1979
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Snapping and snarling at the industry benefit nobody?except the OPEC producers, who exploit the divisions within importing nations. Only when those countries conserve more, produce more and reduce their umbilical dependence on the cartel, can they beat the Oil Game...
...package's two most important parts. They are to phase out domestic oil price controls beginning in June, and to bring in a "windfall profits" tax. Scrapping controls will allow U.S. oil prices, which average about $9.45 per bbl., to rise during the next two years to the cartel-set world level, which already stands at a minimum of $14.55 and is certain to climb still higher. The oil companies would get an extra $6.5 billion in earnings annually from decontrol, but about half of the money would be taxed away. The Government would use much...
Congress will find it difficult to avoid the passage of some sort of tax. Oil industry profits for the first three months of 1979 will soon be released, and they will show a surge of perhaps as much as 40%, largely because the OPEC cartel's price rises have caused higher prices in the U.S. too. In addition, companies benefit because their stockpiled inventories of crude, bought at lower prices, also rise in value. That alone will be enough to anger a public already critical of the oil industry, and the continuing rise in gasoline and other fuel costs...
ADELMAN: There is no genuine supply crisis. There was an accident, Iran. We are traveling a bumpy road, and will continue to do so as long as OPEC is in charge. There is nothing we can do to make the cartel produce more. We have handed control of world oil over to a small, noncompetitive and irresponsible group...
ADELMAN: There is not a damn thing we can do. We have no carrots and no sticks. The President should publicly admit that we are in the hands of a group of people, the OPEC cartel, who are at the moment wholly beyond our control...