Word: opec
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...Holocaust and has publicly called for Israel to be “wiped off the map.” The regime’s bravado has only increased with its belief that it can hold the world hostage through its influence over the Organization of the Petroleum Exporting Countries (OPEC). We must, at all costs, ensure that Iran is kept from accessing the fissile material necessary to build atomic weapons—no greater threat currently exists to global security. While hope for reconciliation and an eventual “grand bargain” with Tehran are well-intended, they...
...Critics suggest Chavez?s oil diplomacy is simply a ploy to take consumers? minds off of record high oil prices, which are partly a result of his efforts to rebuild the power of OPEC, of which Venezuela is a founding member. Alvarez insists crude prices in the 1990s were "unfairly low" for producers like Venezuela - but says the Citgo program does give Chavez a chance to showcase "one of our revolution?s most important principles: the redistribution of oil revenues, especially for the poor." He adds it also reflects "the kind of cooperation mechanism we?re using with our neighbor...
...Another thing, Russia has made it plain it wants Ukraine's gas transporting system. Then, Gazprom says, the prices will go down. This is the same usage of an energy weapon, as OPEC did in November 1973, when they placed the U.S. and Holland under oil embargo for siding with Israel. Prices skyrocketed; Saudi Arabia enjoyed a couple of years of fat profits. Then, the U.S. and other Western countries improved their economies, and adjusted to new prices, while per capita income in Saudi Arabia has sharply dropped since. A country that is prepared to wield energy weapons must know...
...this may be the real thing. Matthew Simmons, chairman of Simmons & Co. International, an energy-industry investment-banking firm, says, "This is a shortage where demand actually exceeds supply. The two shortages in the '70s were artificially induced." Back then, OPEC was powerful and disciplined enough for Middle East oil producers, angry about U.S. support of Israel and the Shah of Iran, to be able to simply turn down production. But now a confluence of trends has made oil shortages inevitable, not optional. One is the unexpectedly rapid expansion of India's and China's energy needs. Fadel Gheit, senior...
...ready for a chilly winter at home. As the increasingly high winds of Hurricane Rita tore through the Gulf of Mexico Tuesday, petroleum prices soared in expectation that America's already battered oil sector could take another direct hit. The rise was tempered by an offer by OPEC to release an extra 2 million barrels a day on world markets, which helped prices to ease slightly on the New York Mercantile Exchange-where the cost of a barrel of light crude had risen by more than $4 Monday, the biggest one-day increase in history...