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...they show that they are taking strong measures to conserve. By significantly reducing demand, the big buyers of oil might force OPEC into production cuts that some cartel members may eventually find intolerable. Cutbacks would be particularly rough for Iran and Iraq, both of which plan substantial production increases hi the next few years to finance their grand development programs. Rather than reduce output, other populous countries with ambitious development schemes?Nigeria, Venezuela, Indonesia?might be tempted to buck the cartel by selling below the fixed price. Ecuador, which badly needs development money, is already in some trouble. High prices...
...which has shown up because high prices reduced consumption last year. In the non-Communist world, consumption fell from 48 million bbl. a day in 1973 to 46.5 million bbl. last year; in the U.S., it declined from 17 million bbl. to 16.2 million bbl. Partly hi response, OPEC is now producing at 20% below capacity with no visible problems. Again, it is Saudi Arabia that holds the key. The country has accumulated so much money that it could stop production for two or three years and still have more than enough cash to import food, provide free medical care...
...kind of Kissinger revisionism has set in, much of it for petty reasons, some of it for more serious ones. Among other things, he came under strong attack for complicity hi the CIA'S efforts to "destabilize" the regime of Chile's Salvador Allende. But there was a broader, more basic criticism: to many it seemed that Kissinger has dangerously concentrated and personalized the nation's capacity for making foreign policy. Yet he still held the unique esteem of the powers he had to deal with, including the Soviet Union and the Middle Eastern nations...
...free-spirited flapper named Ada, played by a free-spirited actress named Dominique Sanda. Sanda, 23, is irresistible to most of Europe's leading film makers: in 1970 Bertolucci gave her a starring role in The Conformist and later conceived Last Tango in Paris with her hi mind (she was unavailable). The late Vittorio De Sica, equally enchanted, cast her as the doomed heiress in The Garden of the Finzi-Continis, and she has also appeared in a film by Luchino Visconti. Sanda lives on the edge of the forest at Rambouillet outside Paris with her son by Actor...
...your article "An Oil Gusher Builds" [Dec. 16], you state: "The Trilateral Commission ... is considering recommending a 10% limit on the voting power that foreign interests may exercise hi American companies." This gives a false impression of the proposal I made, since it does not indicate that the 10% limit was to apply only in the case of new investment rather than that already existing...