Word: barreling
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Dates: during 1970-1979
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Again and again, the cartel formed by the Organization of Petroleum Exporting Countries raised the price of oil until it reached unprecedented and numbing heights. The producing nations' "take" from a barrel of oil, less than $1 at the start of the decade, was lifted from $1.99 before the Arab-Israeli war 15 months ago to $3.44 at the end of 1973 to more than $10 at the end of 1974. The result is the greatest and swiftest transfer of wealth in all history: the 13 OPEC countries earned $112 billion from the rest of the world last year. Because...
Since the oil-price spiral began 14 months ago, crude prices in the main producing countries have seemed a convoluted mess to Western eyes. At least three different figures could be cited as the price for a barrel of crude. Last week members of the Organization of Petroleum Exporting Countries, meeting in Vienna, voted (despite two bomb scares that emptied the hall) to do away with this arcane setup and start on Jan. 1 a new one-price system. For most of OPEC'S members, the move means yet another increase in their sky rocketing oil revenues, but this...
...foundation of the new plan is a Saudi Arabian government take of $10.12 on the average barrel of Arabi an light crude shipped out of the port of Ras Tanura; market prices and government revenues on other grades from other countries will be keyed to that figure. Buyers of oil from Saudi Arabia, Qatar and the United Arab Emirates will pay no more than now; those countries, in effect, went up to the new prices in November. But buyers of crude from the other ten OPEC nations, including Iran, Kuwait and Venezuela, will pay to the governments of those nations...
...single-price system reflects the belief that oil-country governments will soon take over lock, stock and barrel the wells on their territories. Principal reason for that feeling: Saudi Arabian and American owners of Aramco, the consortium that pumps out Saudi oil, recently agreed in principle on a 100% Saudi buy-out (the Saudis now own 60%). Negotiations in London on the details of the deal recessed last week, but it seems likely that in the end the Saudi government will have paid some $2 billion for Aramco. The chief questions still to be negotiated are how much the Saudi...
Fish and Rigs. In addition, the government has imposed stiff fees for concession rights and royalty fees of 8% to 16% on every barrel of oil produced. It has also proposed an income tax of up to 91% on all revenues earned from oil pumped in Norwegian fields. Moreover, it has created a state-owned oil company, Statoil, that must be included as a partner in nearly all private drilling ventures. The government flatly forbids drilling north of the 62nd parallel, where most of the nation's 30,000 fishermen live and work. The fishermen fear that oil spills...