Word: crude
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Dates: during 1970-1979
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...seven summit leaders is what to do about the world's most effective cartel, the Organization of Petroleum Exporting Countries. OPEC representatives will meet in Geneva two days before the Tokyo assembly begins, and they will almost certainly approve yet another hike in the posted price for crude, which now averages $17 per bbl. Some Administration officials have been arguing for a tough line against OPEC, and believe that the U.S. should even use economic clout to arm-twist other industrial countries into endorsing it. Carter himself, however, is inclined to what is described as a "firm but friendly...
...earlier and more decorous age, a crude word-even if uttered by a President-would surely not be deemed fit to print. O tempora, O mores! When Jimmy Carter told a group of Congressmen at a White House dinner last week that if Senator Edward Kennedy runs against him in 1980, "I'll whip his ass," most major news organizations hastened to quote the remark in living off-color...
...subsidy plays directly into the hands of the OPEC cartel. By risking a wild scramble for imported heating oil, the Administration is, in effect, encouraging oil producers to raise their already extortionate crude prices all over again. After all, why not do so if the U.S. keeps coming up with fresh schemes for paying the money? That seemed OPEC's view, as its secretary general, Rene Ortiz of Ecuador, declared last week that he would like an increase of at least 25%, to a new base of $20 per bbl., when the cartel meets in Geneva on June...
Since April, when OPEC boosted prices 9% to an average of $14.55 per bbl., price gouging by individual members has pushed up charges for some grades of crude to $20 or more per bbl. Lately cartel members have been leapfrogging each other to grab ever higher prices. No sooner did Algeria and Nigeria post unilateral increases of up to $2.45 per bbl. on their low-sulfur crude than Libya raised the price of its own competing grade by a comparable amount. The increase, Libya's second in a month, was promptly followed by a rise by Iraq as well...
Today the U.S. gets about 96% of its energy from only four expendable sources: oil, natural gas, coal and uranium. Each suffers one or more environmental, safety, cost or supply disadvantages. The International Energy Agency estimates that this year, even without new crude production cutbacks by OPEC, the worldwide supply of oil could fall short of demand by 2.3 million bbl. a day. The U.S. is particularly vulnerable, since it accounts for 19 million bbl. of the total demand of 60 million bbl., and uses about 60% of all the gasoline burned in the industrial countries...