Word: petroleum
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...million bbl. a day. That would be slightly more than the nation is importing now and considerably more than it brought in last year, when the start of shipments from Alaska temporarily held down imports. But it would be a low enough ceiling to force curtailment of some cherished petroleum-wasting habits such as lavish outdoor lighting displays, and it might extend or worsen the present prospects of recession. The Europeans accepted the principle of setting country-by-country limits, and of applying them to consumption as well as imports, but held off actually working them out until after...
...supposed to be the price rise that would somehow stabilize the chaotically climbing cost of petroleum on world markets. So much for wishful thinking. Instead of a single, stable price for crude, the 13-nation Organization of Petroleum Exporting Countries last week gave the oil-thirsting world its worst petro-gouging in more than five years. Rich and poor alike, the oil-importing nations are still struggling to recover from the recession that followed OPEC's huge price rises of 1973 and 1974. The latest assault, which is expected to send an incredible $182 billion cascading into the cartel...
...Libya, which pumps some 2 million bbl. daily and is the cartel's fifth largest producer, were to take such a step, the additional squeeze on world petroleum supplies would be devastating. Even though Gaddafi has made bombastic threats before and never carried them out, the shares of Occidental Petroleum and Marathon Oil, both big users of Libyan crude, came under such intense selling pressure on the New York Stock Exchange that trading had to be briefly halted. Only later was it learned that the irresponsible threat was probably inspired by nothing more than pique. Earlier in June...
...many ways the biggest victim of the cartel will be the largest importer of petroleum, the U.S. OPEC'S increases are expected to add perhaps 100 or more per gal. to gasoline prices by year's end, lifting a typical family's automotive fuel bill by $250. According to one estimate, food prices will go up by some $70 per family, since energy is used intensively throughout the food chain, from farm to supermarket. Anyone unfortunate enough to heat his home with oil is likely to find that the cost of keeping warm in the Northeast this...
...cartel. Whatever their past excesses, it is not the companies but OPEC's members that have banded together to exploit the world shortage of oil and to make that shortage more acute by holding back production. The response of the industrial nations, a forced limit on petroleum imports, will, their leaders agree, bring about a lowering of living standards. In the immediate future, the U.S. most likely will be able to accomplish its goal of holding imports to 8.5 million bbl. per day only by taking one of two harsh steps: either rationing gasoline or eliminating price controls...