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INFLATION. In 1973, before the oil price increases, the average inflation rate reported by the Organization for Economic Cooperation and Development [OECD] was 12%; it is now about 14%. We admit that higher oil prices account for about ½% to 2%, depending on the country. One should not put all the blame on oil. What better scapegoat is there than OPEC...
SOLUTIONS. The way to avoid disruption is for frank dialogue between OECD countries and the producers. As the Shah said last year, we are ready to sit down, and if we are proved to be wrong, we will stand corrected. The first of our principles is that the price of oil should be equivalent to the cost of alternative sources of energy. Second, whatever the oil price, it should change with the rate of inflation in the industrialized countries in order to protect our purchasing power. Beyond that, there will be no geometric rise. We are even willing...
...study published in June by the Oil Committee of the Organization for Economic Cooperation and Development (OECD), a United Nations agency including the most highly developed non-communist nations, reports that the Middle East has two-thirds of all world oil reserves and provides twenty-nine percent of the present supply. (The study, Oil: the Present Situation and Future Prospects, is available for $6.50 from the OECD Publications Office, 1750 Pennsylvania Ave., N.W., Washington...
...demand for oil in the OECD countries was 1573 million tons in 1970 and will increase to 2788 million tons by 1980. The OECD estimates that only thirty percent of additional demand for oil will be provided by indigenous sources. As a result, oil imports will become increasingly important to the developed countries...
...issue that brought out the strikers, from Milan to Manchester: living costs that are rising faster than wages. Consumer prices in the Common Market as a whole rose some 8% last year, compared with 3.3% in the U.S. The Paris-based Organization for Economic Cooperation and Development (OECD) warns that this year prices could rise by as much...