Word: opec
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Dates: during 2000-2009
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...championing the BCS system, created a decade ago by a cartel of college presidents and commissioners from the country's elite athletic institutions, Hancock is essentially defending the OPEC of college football. "I think what's been missing in this is some reasonable dialogue," he says. "The other side has had the field to themselves. And it's time for us to be on the field talking with people." To that end, Hancock and the BCS have hired high-level help. President George W. Bush?s former press secretary, Ari Fleischer, has joined the effort to spruce up the image...
...perks, and in return (wink, wink) the union would keep the peace, i.e., rule out strikes, even though both sides must have realized that the amount being paid to workers was unsustainable, particularly if the industry hit any downdrafts - which happened with increasing frequency starting with the 1973 OPEC oil embargo. (See the 50 worst cars of all time...
...major report on oil demand this week, IHS Cambridge Energy Research Associates, which monitors global oil markets, said the world would use about 900,000 more bbl. of oil a day next year than this year and by 2012 would fully recover to its 2007 prerecession levels. OPEC is also betting on a fast global recovery. Angola's oil minister, José Maria Botelho de Vasconcelos, the current rotating OPEC head, told the meeting attendees in Vienna on Wednesday that "the darkest days of financial turmoil and economic recession are behind us." That belief has helped to persuade OPEC leaders...
...Speculators OPEC leaders have repeatedly called for limits on speculation in oil-futures markets, in which investors bet on which way oil prices will go. Oil officials blame speculators for volatile prices, and some financial analysts agree. "It is market psychology which is propping up prices," Morse says. If investors believe that the recession is near an end and that demand will soar, they could pour money into oil futures and drive up world prices. The Commodity Futures Trading Commission in Washington is weighing new rules that would limit how much money a hedge fund or investor can trade...
...this means that OPEC leaders struggling to control the actions of their members - let alone those of competitors like Russia or independent investors - will find keeping prices steady harder and harder...