Word: opec
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Dates: during 1990-1999
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...considerable oil revenues to finance populist spending. This may sound merely like some improbable '60s flashback, but Venezuela?s state-owned oil company is the largest oil supplier to the U.S., and that ?- together with Chavez?s attempts to breathe new life into the decrepit international oil cartel, OPEC ?- could spell trouble for American consumers...
...will act Tuesday; Greenspan will probably settle for a gentle reminder that he's keeping an eye on inflationary pressures, just like always. And that should be enough. "All the worrying today about inflation is probably excessive," he says. "This spike in prices is mainly due to OPEC nations' production cuts in March, which they've been abiding by for once. May's numbers should be back to a comfortable level." Of course, other factors bear watching -- from signs of an economic recovery in Brazil, Thailand and South Korea that could increase oil demand to NATO's ongoing...
...This is just a temporary spike," he says. "The jump in the PPI -- like the jump in the Consumer Price Index that's expected tomorrow -- is mostly because the oil-production cuts that OPEC instituted in March have only now kicked in. Things should level off again in May." But -- and there's always one where economic forecasting is concerned -- if that slowdown doesn't happen, the Asian bullet that Rubin/Greenspan/Summers dodged last winter may well get them on the ricochet. "If the recovery in the crisis economies continues," says Baumohl, "the U.S. will start to see real inflationary pressure...
...heading for another oil shock? Not even close. Although the news sent futures prices for West Texas crude rocketing past the $15 barrier, and gasoline may soon rise a few cents per gal., the world is still awash in oil. And there's not much that OPEC can do about it. (The latest spot price of Saudi Arabian light is also starting to rebound, at $9.96.) Indeed, traders are watching to see whether OPEC, which has been unable to police its members in the past, can deliver the promised reductions when it meets on March 23 in Vienna. "Oil exporters...
...same thing happen again? The first test will come when OPEC decides the allocation of production cuts among 10 of its members. Saudi Arabia alone seems prepared to accept reductions of 500,000 bbl. a day in output. But that still leaves 1.5 million bbl. in reduced production and revenues to divvy up among the other members. Many of them, including Iran, Indonesia, Nigeria and Venezuela, are in much greater need of cash than even the Saudis. "I don't like to project what is going to happen," Saudi oil czar Naimi told TIME last week. "But I believe...