Word: opec
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...symposia, intended to "introduce people to state of the art thinking at Harvard and in general," will teach poets about dentistry and dentists about poetry, as well as anything else they might want to learn about, from Odysseus to OPEC, from biology to Beethoven, 350th organizers said...
...knack for concocting and consuming entertainments that are quick, vivid, exuberant. Razzmatazz is a plentiful U.S. natural resource, like oil but with no OPEC competitors. Americans are pop-culture vultures, profligate in the money and time they devote to making themselves giggle and choke up on cue, ooh and aah en masse. Why is it that Americans make slick movies and snappy songs and every kind of TV show so relentlessly, so effectively, so -- well, well...
...believe that one goal of the Saudi price-war strategy is to bankrupt many of these high-cost producers, wipe out the glut and then boost prices once again when the competition is gone. Most forecasters think that oil prices below $10 per bbl. are a distortion caused by OPEC's overproduction and cannot last for long...
...major factor that will help keep the U.S. from being at OPEC's mercy, at least during the next few years, is that America's energy-conservatio n record is not likely to be reversed. Thanks to federal fuel-economy standards and competition from efficient Japanese imports, new U.S.-made autos now average about 26 m.p.g., nearly double the mileage of cars in 1973. New refrigerators are about 72% more efficient than they were in 1972. While a few Americans may decide to indulge in such frivolities as heating their outdoor swimming pools during the winter or driving their Cadillacs...
Another backstop against an OPEC-induced shortage is the strategic petroleum reserve started in 1975 by President Ford. By the end of May, the U.S. will have filled a series of hollow salt domes in Louisiana with about 500 million bbl., enough to meet U.S. oil-import needs for 100 days. The Reagan Administration has proposed stopping short of the final goal, 120 days' worth, as a way of cutting the federal deficit. But at these oil prices, the Administration is now thinking of continuing to stock up before the discount binge ends...