Word: opec
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...OPEC member helps bankroll its less well-off neighbors...
Throughout Central America and the Caribbean, governments are benefiting from a remarkable spirit of generosity on the part of oil-rich Venezuela, a founding member of OPEC and, with 2.2 million bbl. per day, currently the second largest producer in the cartel. In the Dominican Republic, Venezuelan money is helping to finance the construction of a $64 million hydroelectric project, housing, and a $2.3 million alcohol distillery. The tiny island state of St. Lucia (pop. 120,000) has opened a $400,000 asphalt plant, courtesy of Caracas. In Panama, officials are planning to erect a $100 million bridge to span...
...moderate pricing policy on the 13-nation Organization of Petroleum Exporting Countries. But then, after a week of frantic negotiations behind closed doors in Geneva's luxurious Intercontinental Hotel, the oil ministers broke up in deadlock. Instead of agreeing to a compromise formula that would have reunified OPEC's crazy quilt of prices, which range from a low of $32 per bbl. to a high of $40 per bbl., they left the world's oil game still bedeviled and in disarray...
...OPEC'S failure to arrive at a common price for its product was the fourth such unsuccessful effort in the past two years, and the outcome guaranteed more upset and uncertainty in oil markets. Concludes Energy Economist James McKie of the University of Texas: "I had expected OPEC to converge on a unified price sooner than this. But prices have become political symbols in these countries, and Geneva was a political meeting...
...region's six states and concluded that only 320 of the dams are now economically feasible. If those were developed, water-energy production would rise to only about 7% of daily usage. But even that amount would mean that the U.S. could import 3.5 million fewer barrels of OPEC oil annually...