Word: opec
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...Libya's and Algeria's $40 per bbl. Last week the 13-nation Organization of Petroleum Exporting Countries announced that it was calling a special meeting for this week in Geneva. Out of it could come an agreement by the Saudis, who pump almost half of OPEC's total production, to raise the price of their crude by $2, to $34 per bbl., re-establishing that as the new, and lower, "official" OPEC price. With overall prices lower, Petroleum Expert Walter Levy warns that the incentive to find and develop alternatives to imported oil will decrease, making...
...Kuwaiti bid once again raised the question of just how much OPEC money is being invested in U.S. industry and whether the infusions of funds are good or bad for the businesses involved and for the U.S. as a whole. As soon as the Kuwaiti proposal was announced, New York Democrat Benjamin Rosenthal, chairman of the House Subcommittee on Commerce, Consumer and Monetary Affairs, which has been holding hearings on the scope of OPEC investment in the U.S., asked the Treasury to halt the takeover pending an investigation of whether the merger is really in the national interest...
...Commerce, Consumer and Monetary Affairs, wants to know the extent of the investments, claiming that it could have important foreign policy and financial implications. Rosenthal last week held hearings in an attempt to get the figures. Said he: "If there are not direct threats of pullouts or cutbacks in OPEC investments, why can't the Treasury Department tell us what the investments are? If there is a threat, then perhaps our policy should be re-examined...
Some challenged the Treasury Department's figures concerning the size of OPEC investments. David Mizrahi, publisher of the New York-based economic and political journal Mideast Report, maintained, without documenting his claim, that the Treasury Department has detected less than one-third of the holdings of the OPEC nations in the U.S. Many moneymen believe that large OPEC funds are funneled into the U.S. through third parties and foreign syndicates. Mizrahi's tally for just three OPEC investors: $100 billion from Saudi Arabia, $55 billion from Kuwait and $45 billion from the United Arab Emirates...
...Americans (especially those lucky enough to have bought a house in, say, the Eisenhower or Johnson or Nixon years) have done handsomely in the runaway housing bazaar. They went trading through the '70s market wearing that extortionate little smirk that oil sheiks display on the way out of OPEC meetings...