Word: opec
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...state on its exports to other states of oil, natural gas, coal or other nonrenewable resources. The flow of these tax revenues from energy consumers to energy producers is creating antagonisms between the states much like those among nations. "The coal states have the power to become our OPEC within," says Washington Economist Sally Hunt Streiter. Complains New York Taxation and Finance Commissioner James Tully: "They are the fuel pharaohs of the Western world...
...broader based, encompassing the middle group, which developed its semiliberated values in a time of economic plenty. According to Yankelovich, Americans came to believe they could have it all- wealth without work, sexual freedom without marital problems, self-absorption without loss of community. Then came the rise of OPEC, a decline in U.S. productivity and a huge expansion of federally funded social programs. "Had we not been lost in our introspective reveries, we might have noticed what was happening," Yankelovich says. Instead, many Americans are just now discovering that their high-flying expectations are out of place in more austere...
...fact, bankers familiar with SAMA'S investments state flatly that the agency has little if anything to hide; the world's richest investor is also its most conservative. While other OPEC nations like Kuwait have a fondness for foreign land deals and high-stakes stock market plays, SAMA restricts itself to buying less than 5% of a company's stock. Explains a London banker who deals closely with SAMA: "The Saudis have an absolute terror of American politicians standing on the floor of the Senate and accusing them of buying up America...
When SAMA was founded in 1952, its headquarters was a rabbit warren of small buildings near the old Jidda airport. Decision making rested largely with foreigners. The bank's first governor was an American, and as late as 1974, at the time of the first big surge in OPEC oil prices, SAMA was headed by a Pakistani...
...premium prices that the Saudis and other OPEC members command for their oil have pushed many developing nations into a state of destitution. The mountain of Third World debt now exceeds $370 billion, but the Saudis have used only a small fraction of their available revenues for foreign aid and low-interest loans. Demands are thus increasing that the Saudis do more to help...