Word: willful
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Dates: during 1970-1979
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When the oil ministers of the world's least beloved cartel jet into Caracas next week for their final sock-it-to-'em meeting of the decade, there will be some important and worrisome differences from past gatherings. OPEC will be fixing prices against a backdrop of almost...
As a result of OPEC's policies, worldwide inflation has been sent soaring to ever increasing heights. Meanwhile, global economic growth has stalled and the international financial system itself has been thrown into turmoil. In 1980, oil-importing nations expect to hit what economic jargoneers have labeled a "synchronized...
While OPEC becomes richer, the rest of the world will grow poorer. For example, suppose oil hits $30 before the end of next year. Instead of a projected balance of payments surplus in 1980, the U.S. could wind up with a deficit of $15 billion, further weakening the dollar.* Overall...
The outlook is clouded for OPEC itself, especially for the so-called dollar-surplus states of Saudi Arabia, Kuwait, the Emirates and Qatar, which together hold more than $90 billion in U.S. dollars and other U.S. financial assets that will continue to slip in value as the cartel's...
*In 1979, the U.S. will spend some $62 billion on imported oil, an average of $800 per American household.