Word: oils
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Dates: during 1970-1979
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...week, and any driver who did not use his quota could sell his ration coupons on a "white market" for whatever the traffic would bear. Congress rejected a similar scheme last May, and adoption of almost any rationing plan is not expected before next autumn-unless Middle East oil...
Though nobody likes rationing or higher taxes, the economy is destined to suffer even worse reverses if Congress fails to act. OPEC's prices are all but certain to keep climbing in 1980, draining wealth out of the U.S. economy and into the bank accounts of foreign oil exporters. The price rise will help slow the consumption of gasoline still further, of course, but the inflationary impact will quickly spread throughout the whole economy, since crude oil price increases affect not just automotive fuel but all petroleum products. Enacting a gasoline tax would not only slow consumption while providing...
...When the oil ministers of the world's least beloved cartel jet into Caracas next week for their final sock-it-to-'em meeting of the decade, there will be some important and worrisome differences from past gatherings. OPEC will be fixing prices against a backdrop of almost unprecedented global upset brought on in large part by its own actions. More than that, in its headlong rush for profits, the 13-nation cartel has been rapidly losing even the appearance of self-control over pricing and production...
...result of OPEC's policies, worldwide inflation has been sent soaring to ever increasing heights. Meanwhile, global economic growth has stalled and the international financial system itself has been thrown into turmoil. In 1980, oil-importing nations expect to hit what economic jargoneers have labeled a "synchronized recession." Now no one can be sure how high the cartel will push oil prices beyond their present official maximum of $23.50 per bbl., but demand for petroleum makes a substantial increase certain. Single shipments of crude are being sold on the spot market for as much...
More and more OPEC members are discovering that they can collect just as much by cutting production. Kuwait, Iraq, the United Arab Emirates, Algeria and Libya have all announced cutback plans for 1980, and others are likely to follow. Warns Gulf Oil Corp. President James Lee: "We estimate that OPEC could cut its exports by about 8 million bbl. per day, or nearly 25%, and still maintain balanced economies for its members." Reason: as the cartel sold less oil, the price for the diminished supply would automatically surge...