Word: petroleum
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...year. The increase has enabled the oil exporting countries to earn an almost inconceivable amount of foreign currency: about $100 billion this year. Unless prices weaken, next year's total will swell to $108 billion. By the end of this decade, the 13 nations of the Organization of Petroleum Exporting Countries (OPEC) could have a surplus of gold, dollars, pounds, marks, francs and other foreign currencies amounting to $650 billion; by contrast, the U.S.'s reserves are now $15 billion...
...petroleum prices remaining high for quite some time," Brimmer said to a luncheon meeting sponsored by Institutional Investor Magazine. He warned that the United States should not try to force oil prices down...
Across a global front, the battle was joined last week. On one side stood the U.S., determined to drive down the high price of oil; on the other was OPEC (Organization of Petroleum Exporting Countries),* equally dedicated to maintaining its enormously profitable marketing policies, which have quadrupled the cost of oil in the past year. So far, nothing more lethal than verbal salvos has been fired. Looming in the distance, however, are more dangerous weapons: political and economic pressures and possibly-as a desperate last resort -military intervention...
Actually, the U.S. has relatively limited economic clout against the oil-producing nations, as Ford well knows. The oil countries depend on the U.S. for wheat, corn and tobacco generally, but they could get these from alternate sources. They do buy American petroleum-industry equipment, but for the U.S. to embargo such exports would be self-defeating. If the U.S. held back on sales of armaments or commercial aircraft, two major export items, the Arabs could easily find substitutes elsewhere, albeit of lower quality in many cases. The most compelling U.S. argument is actually an appeal to Arab self-interest...
...against several major oil firms in New York, Indiana and elsewhere, charging them with illegally restraining competition for profit-an accusation that the companies deny. Also, the Federal Energy Administration conceded that between January and May it failed to plug a loophole in its oil-allocation program, enabling some petroleum companies to increase their bills by up to $300 million. Now the Federal Power Commission, which regulates natural-gas prices, has been charged with improperly granting increases. Worse, the authorizations were made while the top FPC officials held securities in companies that the agency supervises...