Word: embargoing
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...already led to a drop in consumption and the world's slowing economies use less energy than before. Even though several OPEC members reduced their output in a countermove, oil storage tanks in the consuming nations are nearly filled to capacity. Moreover, unlike the situation during last winter's embargo, the oil importers will soon be able to coordinate their response to the cartel's moves. Next month the U.S., Canada, Japan and all the Common Market nations except France will form the International Energy Agency (IEA), headquartered in Paris. This new group, whose members use 80% of the world...
...Sales. Of course, any strategy for bringing down oil prices will require the consuming nations to impose energy-conserving measures. While there was much talk of this during the Arab embargo, many conservation efforts quickly faded when the oil started flowing again. But recently some further progress has been made. Last month French President Valery Giscard d'Estaing set a ceiling of about $10 billion on what his country would pay for imported oil next year. Because that will amount to a 10% reduction in the volume of petroleum imports (at current prices), France will have to introduce stringent conservation...
...cars that carry one person to the office, or burned up in poorly insulated houses that are overheated in winter, overcooled in summer and overlit year round. All the talk notwithstanding, Americans have not yet begun to conserve. As soon as last winter's oil embargo started leaking and the gasoline lines began shrinking, people quickly stepped on the gas and turned up the thermostat. Sooner rather than later, however, Americans will have to learn to live with less. The U.S. now imports 6.2 million bbl. of oil a day. The Federal Energy Administration reckons that the total could...
...growing degree of ownership of the oil reserves. Its power also increased because the world's growing oil demand changed a buyers' market into a sellers' market. During last year's Middle East crisis, OPEC achieved its greatest success when Arab members imposed an embargo, demonstrating how dependent the world had become on the cartel...
...well as Paris and the powerful French farm lobby-by rejecting a previously agreed upon 5% hike in Common Market farm prices. Nonetheless, there is still a good deal of hope that these relatively young, pragmatic leaders can rescue the Community from the stagflation that has followed the oil embargo and salvage the moldering ideal of European unity...