Word: cartels
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Dates: during 2000-2009
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...expect relief from higher gas prices any time soon, despite OPEC's agreement to raise output. The oil-producing cartel and its non-member allies agreed Tuesday on a 1.7 million barell-a-day increase in the amount of crude they pump, in response to pressure from the U.S. for a 2.5 million-barrel-a-day increase. "Washington was pushing for 2.5 million a day in the hope that it would bring quicker relief to U.S. consumers," says TIME senior business writer Bernard Baumohl. "Even an increase of 1.7 million won't bring U.S. energy prices down that much...
...price of oil has almost tripled over the last 14 months, from $11 to $30 a barrel, mainly due to supply constraints imposed by the cartel of Oil Producing and Exporting Countries (OPEC). The costs of heating oil and gasoline in the U.S. are rising substantially, with gas prices expected to reach $1.80 or even $2 a gallon by the summer. Although the price rise is smaller than those of the 1970s, some worry that the increases will fuel inflation--or convince Federal Reserve Chairman Alan Greenspan to raise interest rates--and choke off the economy's growth...
However, we should not expect the U.S. economy to make a transition to higher gas prices instantaneously. For the short term, Energy Secretary Bill Richardson is planning to visit OPEC nations before their March 27 conference, and the U.S. should not hesitate to pressure the cartel to restore normal levels of production...
...neighbors, majority members of OPEC [BUSINESS, Feb. 28]. This commitment to security for the Middle East and OPEC has been going on for nine years, with no end in sight. Doesn't America have any leverage with which to persuade the OPEC nations (Saudi Arabia, the emirates and other cartel members) to reconsider their production cuts and resultant price increases? We could stop monitoring Iraq and let OPEC feel the pinch of scarcity of another precious resource--U.S. military power and the security it provides. WILLIAM J. ROBERTS Fort Walton Beach...
...Those countries have already gotten the message loud and clear, and have indicated they'll push OPEC to agree to increase production when the cartel meets on March 28. Still, the increase they're currently proposing amounts to 1 million barrels a day, whereas the production cut in effect since last March amounted to 4 million barrels a day - and the recovery in the world economy since then has actually seen an increase in demand. "The production increase they're currently offering may slow down the price rises, but it isn't going to bring the price down," says Baumohl...