Role of expropriation in the formation of the OPEC cartel

Journal Article · Thu Jan 01 04:00:00 EST 1981 · Energy Law J.; (United States)

OSTI ID:6608513

Hickel, J K

After reviewing the evolution and changing philosophy of the OPEC cartel, the author concludes that the US chose to disarm itself in the fight against expropriation of its property abroad. The application of the ''act of state'' doctrine requires that US courts must not examine the acts of foreign governments, even when those acts involve the property of US citizens. Although it is almost certainly too late to impose sanctions of OPEC nations for their seizure of US property, all three branches of government can work to strengthen the response to expropriation. Cartels in fuel, mineral resources, and other raw materials are now developing. OPEC learned during its first 11 years that it is difficult to develop a cartel in a free market, but it learned in 1972 and after that it could expropriate monopoly power from a world unwilling to defend itself against the wholesale nationalization of its vital resources. 62 references.

• Research Organization: Cabot Consulting Group, Washington, DC
• OSTI ID: 6608513
• Journal Information: Energy Law J.; (United States), Journal Name: Energy Law J.; (United States) Vol. 2:1; ISSN ELJOE
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
290400 -- Energy Planning & Policy-- Energy Resources
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294002 -- Energy Planning & Policy-- Petroleum
CARTELS
ECONOMIC IMPACT
ECONOMIC POLICY
GOVERNMENT POLICIES
INTERNATIONAL ORGANIZATIONS
LEGAL ASPECTS
NATIONALIZATION
OIL-EXPORTING COUNTRIES
OPEC
PROPERTY RIGHTS
RESOURCES