Word: opec
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Dates: during 1970-1979
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Protests at home and a price revolt in OPEC as Saudi power wanes In Concord, N.H, it took the form of an automobile "honkin" outside Jimmy Carter's re-election campaign office. In Nashville, a 500-lb. pig with BIG OIL painted on its side was led to city hall to munch slops from a dish labeled AMERICAN WEALTH. In Washington D.C., elderly citizens bused in to join a picket line outside the American Petroleum Institute...
This early piercing of the OPEC lid came despite an attempt by Saudi Arabia the largest oil producer, to keep the lid on' Last July, Saudi officials announced that they would raise their daily oil production during the remainder of 1979 from 8 5 million to 9.5 million bbl. Not so long ago, such an increase would have prevented unilateral price hikes. No longer. The rules of the oil game have changed...
This year, the poor will need much more extensive subsidies than those now planned by the government. The price of home heating oil has doubled in a single year due to the lifting of price controls and the OPEC price hikes--the government's response has been shockingly inadequate. President Carter and Congress are leaving this year's relief effort to the Community Services Administration (CSA). But the $1.2 billion Congress is appropriating for the CSA's Emergency Crisis Assistance program will only provide each family below the poverty line with $400 of aid for the winter, enough...
...locate and then destroy. But experts and laymen alike disagree over where to begin looking. Liberal economists and their political bedfellows argue that narrow monetary policy can't solve domestic inflation when well over half that inflation traces its lineage to the tankered waters of the Persian Gulf. If OPEC intends further price hikes--as it apparently does--then to make headway against inflation Volcker will have to squeeze America's economic arteries tight enough to cause gangrene. Paul Samuelson, Ec 10's law-giver, calls this "sadism...
...doubt Connally will continue his polemic on the Israel-oil connection. Connally must be praying for a cold winter so he can remind us how warm we would be with a fresh supply of Arab oil in our furnaces. But resting our hopes for an energy solution on OPEC is illusory and will invite further blackmail from the cartel. The U.S. should reaffirm its commitment to Israel and ignore Connally's easy answer...