Word: petroleum
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Energy Cooperation. In a most ambitious suggestion, the commission calls for an "accommodation between oil-producing and -consuming countries." Petroleum exporting nations, on their side, would guarantee levels of production and avoid sudden, large price increases. In return, the developed countries would commit themselves to a stiff conservation program and agree to index the price of oil to the real value of a group of strong currencies. The report also urges an all-out program to discover new oil and gas deposits in Third World countries...
...Brandt commission hits several targets accurately. Its proposal for an organized dialogue between oil producers and oil consumers could be one small step for mankind. The run-up in petroleum prices has now got so out of control that it is harming both OPEC and the industrialized countries. Higher oil prices cause more global inflation, which in turn wipes out much of the real earnings from higher priced oil. The OPEC countries have interests beyond these self-defeating price rises, such as guaranteeing their investments in the West and speeding their own modernization. The goals of the oil producers...
...national budget and were a major factor in the soaring inflation rate. To raise foreign exchange, eliminate shortages and speed up both production and investment, the Premier opened up hitherto closed sectors of the economy to foreign investors with a built-in guarantee against nationalization. The Turkish petroleum company lost its exclusive exploration rights, and restrictions against branch offices for foreign banks were lifted...
...immediate fallout of Demirel's program was an across-the-board rise in prices The cost of gasoline and other petroleum products shot up by 50% to 100%, bank interest rates by 22%. "It is true that the new measures will produce higher prices and therefore hardships," said one government economist, "but inflation was doing that anyway, so the situation has changed little for the genera public." In truth, Demirel had to do something-anything-to straighten out the economy. Inflation was approaching 100%, foreign exchange reserves have fallen below $500 million, and the country had virtually no credit...
...inflation. It costs 18% to 20% more to make a tire this year than last: the prices of synthetic rubber and other petroleum-based products helped boost the bill for raw materials by 20% to 25%, and the new union contract signed last July could push labor costs up by as much as 40% over the next three years. But even before the cost crunch hit, the industry was suffering from its slowness in the early 1970s to make radial tires...