Word: oils
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Dates: during 1970-1979
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...joint three-pronged strategy to 1) cut consumption in order to reduce imports, 2) spur greater effort in developing alternative energy sources, and 3) form a united purchasing front. If forceful joint action can be decided in all three areas, some slack could be reintroduced into the world oil market and some sanity returned to its pricing. In Paris last week, "Sherpas"-the foot-slogging diplomats and economists who have been preparing the climb to the summit for four months-were still poring over a number of possible actions. Among them...
...supplies among the consuming countries, combined with some sort of joint conservation target. Proposals for an outright buyers' cartel to control consumption, much as OPEC controls production, are thought to be too ambitious. A more realistic expectation is a simple extension of the one-year 5% cutback in oil imports pledged by the 20-nation International Energy Agency last March...
...system of coordinated purchasing policies for the consuming countries. It would be aimed at stopping the free-for-all bidding on the Rotterdam spot oil market. The French have even proposed a system for controlling Rotterdam prices, but some experts believe the market would simply float away to the Bahamas, Singapore or somewhere else. Another difficulty is that in France and some other countries the governments have considerable control over oil purchases, while in the U.S. the oil companies still act as independent agents...
Shared solutions to the shared problem of energy will not come easily, however, because national and regional differences abound. First, relative dependence on imported oil varies widely, from Japan's virtually total reliance to Canada's relative self-sufficiency. So does consumption: Japan and Italy thriftily burn only about 16 bbl. per capita a year, while the U.S. devours a profligate...
...Valery Giscard d'Estaing, for instance, is expected to lobby strenuously for legislated energy saving and tight price controls in the name of "consumer solidarity." Many Japanese and West German experts, however, argue that governments should not interfere with market forces. Their theory is that ultimately only higher oil prices will force consumers to economize and encourage other forms of energy. Says Tokyo Economist Nobutane Kiuchi: "It may take another recession before the leaders learn this fact." Significantly enough, the three newest members of the summit club -Britain's Margaret Thatcher, Canada's Joe Clark and Japan...