Word: opec
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...full $6 per bbl., the Saudi government is, like it or not, obviously tempting other cartel members to do much the same. Warns Walter Levy, an international oil economist: "This is the beginning of a further round of price increases. As long as spot prices remain substantially higher than OPEC prices, we are in an ever escalating situation...
...streets and snarl traffic during a three-day strike to protest a 58% rise in gasoline prices. Meanwhile, riots break out in the Dominican Republic, and three people are killed after gas prices jump for the third time in a year. Says Colombia's President Julio Ayala: "One OPEC price rise is equal to ten subversive blows...
...Third World countries bear quite the same burden. While scarcely in the OPEC league, Argentina, Peru, Malaysia and some others can supply most energy needs from their own reserves. At the other extreme, countries such as Sudan, Chad and Bangladesh, among others, are so poor that the shortage of funds to buy oil is just one more lack on a long list of basic needs...
...energy-deficient advanced developing countries, such as Brazil, South Korea, Taiwan and Kenya, that are in the worst shape. They set out to emulate the industrial nations and eagerly replaced their oxen with tractors and generators. Now they are paying the price of a 1600% rise in OPEC prices since 1970; they cannot do without oil but cannot afford to buy it. Admits an official of the United Nations Food and Agriculture Organization: "The guy who was en lightened enough to follow our advice to buy machinery and fertilizer is in a bind, while the farmer who kept his water...
...developing countries' oil-import bill jumped from $4 billion in 1972 to about $44 billion this year, and some have-not nations are openly complaining about OPEC. The worsening crisis over crude prices may create an ideological dilemma for Third World leaders like Tanzania's Nyerere who were originally strong supporters of commodity cartels...