Word: spotting
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Dates: during 1970-1979
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...hold Saudi prices firm at $24 per bbl., but he was well aware that the survival of the cartel was now in question. Said he, trying to put the best face on his defeat: "There will definitely be a [global] recession. We will notice a sharp drop in the spot market. Then there will be some sort of unification of price levels among OPEC members...
...suits, the 25? Hershey bar and the $3.50 martini. Millions of Americans had to postpone their dreams for a home of their own; the average price of a few-frills new house surged from $59,000 to $65,000. Crude oil spurted to $45 per bbl. on the spot market, and gasoline sold for up to $1.28 per gal. at the pump...
...says Raymond, "there are just too many buildings out there," and more are abandoned by landlords every week?of- ten, the owners claim, because regulations do not allow rent hikes high enough to pay fuel bills. In International Falls, Minn., the coldest town in the Lower 48 and the spot where Sears tests its Diehard batteries, a community energy-education program is well established. "We started out in 1975," says County Agent Don Petman, "when it wasn't even popular to keep warm...
...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...
...split developed this summer, when most OPEC members boosted their prices from $14.55 per bbl. to a full $23.50, but the Saudis chose to go to only $18. Soon even the $23.50 barrier was broken as members began selling single shipments of oil on the spot market for as much as $40-$45 per bbl. Several members have by now begun selling crude under long-term contracts for about $26 to $27.50 per bbl., inviting additional leapfrogging increases. By going to Caracas with their petroleum once again priced close to cartel levels, the Saudis will be able to argue that...