Word: petroleum
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...immediate focus is Bali, Indonesia, where the jet-about oil ministers of the 13-nation Organization of Petroleum Exporting Countries are gathering this week. The occasion will be OPEC's 59th ministerial meeting since the cartel was founded in 1960. Looming over all other discussions: whether to push up the cost of oil beyond the $30 Saudi benchmark price and the $37 per bbl. ceiling price set in June...
Seven lean years have passed since OPEC, in a few short weeks of 1973 and 1974, began radically manipulating worldwide petroleum prices by increasing the cost of a barrel of crude from $2.41 to $10.95. Since then, oil-consuming countries have paid the oil producers a staggering $370 billion for the precious black product that is essential to industrial survival. Saudi Arabian Oil Minister Sheik Ahmed Zaki Yamani warns that oil could easily rise to as much as $60 per bbl. in the foreseeable future...
Though OPEC seems invariably to profit from the suffering of its customers, the organization has hardly engineered the crisis from which it is benefiting. Instead, the group has merely been a catalyst, if a particularly jarring one, for economic changes that were bound to come. Petroleum prices have been going up because worldwide demand for oil has been increasing relentlessly while supplies have fallen. The cartel's policies have been designed to exploit the opportunity and earn a higher profit from petroleum sales...
...American economy was sent reeling when the Organization of Petroleum Exporting Countries [OPEC] hiked the price of crude oil to over $20 per barrel--the second major increase in less than a decade. The dollar plummeted on the exchange market; inflation spiralled upwards. The evening news carried stories of record setting gas lines as motorists jockeyed for position to purchase gasoline at over $1 a gallon. And, as the winter approached, homeowners watched anxiously as the average price of home heating oil rose from 53.7 cents to 90.8 cents in January of 1980, an increase of about 170 per cent...
Though research on extracting kerogen from marl began in the 1920s, shale oil went undeveloped because its production cost always exceeded the market price of crude. Promises still outpace production, but during the past few years Occidental Petroleum, Atlantic Richfield and Union Oil have spent millions experimenting with shale-oil extraction in Colorado's Piceance Basin. Occidental Chairman Armand Hammer believes that his company will be able to begin commercial production by 1985, keeping costs below $25 per bbl. Today other companies are digging mines near Grand Junction and Rangely, Colo., and Vernal, Utah. Exxon is the most enthusiastic...