Energy crisis: some causes and effects. Part 3. A look at international oil, the OPEC cartel, and windfall profits
Domestic demand-and-supply conditions, including taxation levels, affect the price and total sales of oil in the USA. New elements are costs of producing and shipping foreign-produced oil to the US and presence or absence of competition among international suppliers. Oil company windfall profits result from the interplay of foreign cartel prices and U. S. production costs. It is thought that prices will never come down to pre-embargo levels. And after the current political embargo, there will be a partial economic embargo. It is certain that OPEC members need to come to grips with American and European alternatives for energy production. The energy outlook is grim, not only now, but for decades to come. The wealth decline of the western world wiil be felt in food, clothing, travel, education, leisure. Policy mistakes have contributed to, and continue to contribute to, the current energy dilemms. (20 references) (MCW)
- Research Organization:
- Univ. of Dallas, Irving, TX
- NSA Number:
- NSA-29-023802
- OSTI ID:
- 4334823
- Journal Information:
- World Oil, v. 178, no. 4, pp. 47-52 72, Journal Name: World Oil, v. 178, no. 4, pp. 47-52 72
- Country of Publication:
- Country unknown/Code not available
- Language:
- English
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