Word: opec
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...scheme could offer some much desired relief to consumers hammered by oil prices that have hit a nine-year high, courtesy of the Organization of Petroleum Exporting Countries (OPEC), whose members have by agreement kept supplies tight. As the cost has surged, some industries have reacted. Airlines such as American and United have slapped fuel surcharges on tickets. With crude stocks dwindling, further price increases threaten to ratchet up inflationary pressure...
...more lasting impact, though, Richardson's formula will require cooperation from none other than OPEC. Richardson will try diplomatic jawboning to get some of its members to loosen their restraints on supply. He's scheduled to meet this week with Mexico's Oil Minister at the World Economic Forum in Davos, Switzerland. He'll then travel to Oslo and, later in February, to the Middle East for more arm-twisting. Perhaps he'll remind the Kuwaitis and the Saudis that they owe the U.S. a favor. And he'll warn the producers that there are real macroeconomic risks to higher...
...considerable oil revenues to finance populist spending. This may sound merely like some improbable '60s flashback, but Venezuela?s state-owned oil company is the largest oil supplier to the U.S., and that ?- together with Chavez?s attempts to breathe new life into the decrepit international oil cartel, OPEC ?- could spell trouble for American consumers...
...will act Tuesday; Greenspan will probably settle for a gentle reminder that he's keeping an eye on inflationary pressures, just like always. And that should be enough. "All the worrying today about inflation is probably excessive," he says. "This spike in prices is mainly due to OPEC nations' production cuts in March, which they've been abiding by for once. May's numbers should be back to a comfortable level." Of course, other factors bear watching -- from signs of an economic recovery in Brazil, Thailand and South Korea that could increase oil demand to NATO's ongoing...
...This is just a temporary spike," he says. "The jump in the PPI -- like the jump in the Consumer Price Index that's expected tomorrow -- is mostly because the oil-production cuts that OPEC instituted in March have only now kicked in. Things should level off again in May." But -- and there's always one where economic forecasting is concerned -- if that slowdown doesn't happen, the Asian bullet that Rubin/Greenspan/Summers dodged last winter may well get them on the ricochet. "If the recovery in the crisis economies continues," says Baumohl, "the U.S. will start to see real inflationary pressure...