OPEC's painful squeeze

Journal Article · Mon Jul 09 04:00:00 EDT 1979 · Time; (United States)

OSTI ID:6204225

Although the 15 percent increase in oil prices recently approved by the Organization of Petroleum Exporting Countries (OPEC) will cause world wide inflation and slow economic growth, the seven strongest industrial nations were unable to agree on a common strategy beyond holding their oil imports at present levels. President Carter returned from a summit meeting in Japan to a country angered by gasoline shortages and a combination of economic inflation and recession. The other six industrial nations have been experiencing some signs of economic growth along with inflation. The summit countries, recognizing that only reduced consumption can control oil prices, agreed to set specific import quotas for each country to allow for each nation's circumstances - in particular the availability of the North Sea oil to European countries. Analysis of the complex rate schedule set by OPEC indicates that the net result in the U.S. will be a general lowering of the standard of living.

• OSTI ID: 6204225
• Journal Information: Time; (United States), Journal Name: Time; (United States) Vol. 114:2; ISSN TYMEA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
294002* -- Energy Planning & Policy-- Petroleum
530100 -- Environmental-Social Aspects of Energy Technologies-- Social & Economic Studies-- (-1989)
CHARGES
ECONOMIC IMPACT
ECONOMIC POLICY
ENERGY SOURCES
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
INFLATION
INSTITUTIONAL FACTORS
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
PRICES
SOCIO-ECONOMIC FACTORS
STANDARD OF LIVING