Word: opec
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Dates: during 1980-1989
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...less than subliminal message is that Japan Inc. is buying up America, a point underscored by the ubiquity of headlines portraying Japan -- as distinguished from Japanese individuals or companies -- snapping up American treasures. Similar coverage greeted OPEC in the 1970s, when Arab oil sheiks seemed ready to slap down their petrodollars and pick up America piece by piece. Yet even the most alarmist press scenarios of that era did not envision oil merchants daring to seize the home of the nation's Christmas tree...
...seemed assured. Euro-Communists loomed large, Spain's infant democracy was threatened by a military coup, and terrorists operated so boldly that a former Italian Prime Minister was kidnaped and murdered. West Europeans seemed trapped in a twilight zone of economic entropy and declining international influence. After the deep OPEC-induced recession that ushered in the 1980s, millions of workers remained sidelined, victims of an affliction dubbed Eurosclerosis -- a hardening of the business arteries caused by overregulation, underinvestment and waning competitiveness...
...last week the chronic rifts among OPEC's 13 members remained just below the surface. Kuwait, whose Energy Minister signed the accord reluctantly, pointedly refused to abide by the quota imposed by its fellow members...
...largely the result of higher crude- oil prices, and no relief is in sight. Members of the Organization of Petroleum Exporting Countries, whose squabbling has sometimes led to price wars, were relatively cooperative with one another when they met last week in Vienna. Because of strong worldwide demand for OPEC's crude, the group decided that it could boost its self-imposed production quota by 1 million bbl. a day, to 19.5 million, without suffering any serious decline in oil's market price of about $18 per bbl. Moreover, OPEC decided to review the new quotas in September, when...
...OPEC "can hold the globe to energy ransom," Onoar says. The problem will be aggravated within the next decade, he says, because the U.S. may run out of domestically produced crude...