Word: price
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Dates: during 1970-1979
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...Saudi gambit is risky. By increasing a full $6 per bbl., the Saudi government is, like it or not, obviously tempting other cartel members to do much the same. Warns Walter Levy, an international oil economist: "This is the beginning of a further round of price increases. As long as spot prices remain substantially higher than OPEC prices, we are in an ever escalating situation...
...Saudi shocker, and it could not have come at a more anxious moment. Four days before the 13 member nations of the Organization of Petroleum Exporting Countries were to sit down in Caracas for their fourth price-raising session in a year, the cartel's biggest producer took preventive action. In a surprise announcement that whipped the money markets into a frenzy and sent gold leaping to yet another alltime high of $462 per oz., the desert kingdom of the House of Saud, long regarded as the quintessential OPEC moderate, announced one of the biggest increases in the cartel...
...Saudi move amounted to a startling 33% jump from its previous price of $18 per bbl., to $24, and it means still more inflation for the world. Other so-called OPEC moderates also posted increases. Venezuela, the cartel's fourth largest producer, moved from $20 per bbl. to $24, while Qatar and the United Arab Emirates went from approximately $21.50 to about...
...might somehow manage to forestall even bigger OPEC money grabs in the days ahead. By bringing its charges up to the $24 level, where much of the rest of OPEC has been for months, Saudi Arabia is attempting to return order and stability to the cartel's chaotic price structure as well as head off demands in Caracas for much steeper hikes by such cartel radicals as Iran, Libya and Nigeria. Said Saudi Oil Minister Ahmed Zaki Yamani: "We wanted to avoid a hot discussion in Caracas that might lead to a much higher level of prices...
...polls in November. Illinois Congressman John Anderson, a dark horse Republican presidential candidate, submitted a bill calling for a tax of 50? per gal., with the revenues to be used to chop Social Security taxes approximately in half. That measure would help cut consumption by moving the price of the fuel closer to the level that most of the rest of the world already pays. If Americans are unwilling to pay the price of necessary conservation, why should the cartel members, or any other nation, listen to anything the U.S. has to say about the burning issue of the 1980s...