Word: cartels
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Dates: during 1970-1979
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...cartel members, of course, are accumulating this wealth at the expense of the countries that buy their petroleum. Largely because of inflated oil prices, Britain this year is running a deficit of about $10 billion on trade in goods and services, Italy $9 billion, and France $6 billion. The U.S. too is slipping deeper into the red. Surprisingly, some oil-importing countries have increased their monetary reserves slightly this year -but largely by borrowing, from banks and each other, to pay their oil bills. The huge and growing debts put a crushing interest burden on some nations. Italy will...
...nations find it ever harder to pay for petroleum-based fertilizers. These same nations are strapped for money to buy imported food because they have to spend so much of their scant foreign exchange just to buy oil. Yet the Organization of Petroleum Exporting Countries is unperturbed. The OPEC cartel shows no disposition to cut prices significantly...
...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...
...weather improved in 1973, but a new set of problems threatened food output, especially in the underdeveloped countries. Fertilizer was in short supply, and its price started to climb. Then came the devastating impact of the quadrupling of the market price of petroleum by the cartel of oil-possessing nations. Higher oil prices meant added costs for the farmer: pesticides, herbicides and nitrogen-based fertilizers are derived from petroleum, while the manufacture of all fertilizer requires much energy. The world price of nitrogen fertilizer jumped from...
There are some insights into the oil cartel's doings; the author leaves no doubt at all that the Arabs are going to buy up the world if they can. Robbins' fans may find that prospect less galvanizing than the usual steamy prose: "Automatically her legs widened to encircle his waist...