OPEC, the Petroleum Industry, and United States Energy Policy

By Arabinda Ghosh | Go to book overview

these LCDs. There is an appallingly low per capita income, which is still much less than $1,000 per year in many countries. At the same time, the debt burden is increasing fast. Since the Arab oil embargo in 1973-1974, the debt of developing countries has more than quadrupled to $425 billion, causing more of their income to go for debt service at higher interest rates prevailing in the world financial markets.

The Third World countries want total global restructuring of the economies. They want both aid and trade, particularly favorable terms of trade. For many years, the United Nations asked the industrialized countries to provide $7 of every $1,000 of output--seven--tenths of 1 percent of GNP. Although the United States is the world's largest donor in absolute terms, it supplies only $2 in aid for every $1,000 of GNP. The Western nations as a group meet about half of the United Nations target, which obviously is not enough, and the LDCs want the Western countries to fulfill that goal.

The Third World countries also want to increase trade with the Western countries. They want the IMF to relax the conditions of its loans and provide more access to SDRs, the instruments nations use to settle accounts with each other. They want the World Bank to set up a special energy affiliate that will facilitate Third World countries' paying for their energy debts. Under their proposal, the affiliate would provide aid amounting to $30 billion from 1982 through 1986 to cut their oil-import bills by $25 to $30 billion in inflation-adjusted dollars during this decade. These are strong demands to make of the Western nations, who are, themselves, beset with inflation and unemployment. It was no wonder, then, that the Cancún meeting ended with rhetoric and platitudes, as have so many summit conferences before.


NOTES
1.
Wall Street Journal, January 18, 1975.
2.
New York Times, March 3, 1975.
3.
Chase Manhattan Bank Newsletter, September 1977.
4.
Oil and Gas Journal, April 27, 1981.
5.
R. Goodman, "Managing the Demand for Energy in the Developing World," Finance and Development (December 1980).
6.
C. Schultze (ed. with E. Fried), Higher Oil Prices and the World Economy ( Washington, D.C.: The Brookings Institution, 1975).
7.
A. Ghosh, "Lessons from Paris," Oil Daily, May 27 and May 28, 1975.
8.
OECD, Annual Report, 1979.
9.
United Nations Charter, 1946.
10.
N. Leff, "The New Economic Order," Foreign Policy (Fall 1977).
11.
Oil and Gas Journal, April 27, 1981, p. 107.

-148-

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OPEC, the Petroleum Industry, and United States Energy Policy
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Figures ix
  • Tables xi
  • Preface xv
  • Abbreviations xvii
  • 1 - Introduction 3
  • Notes 16
  • 2 - The Emergence of Opec 17
  • Notes 35
  • 3 - The Pricing Mechanism of Opec 36
  • Notes 49
  • 4 - Opec and the Multinational Oil Companies 50
  • Notes 64
  • 5 - U.S. Oil Industry: Changing Structure and Performance 65
  • Notes 87
  • 6 - U.S. Oil Industry: Acquisition and Diversification 89
  • Notes 106
  • 7 - Petro-Dollars and Economic Change in OPEC Nations 107
  • Notes 132
  • 8 - Opec versus the Oil-Consuming World 133
  • Notes 148
  • 9 - Strategy against Opec: Henry Kissinger and the Energy Crisis 149
  • Notes 160
  • 10 - Facing the Energy Crisis: U.S. Policy under the Nixon-Ford Administration 161
  • Notes 174
  • 11 - Presidents Carter and Reagan and the National Energy Policy 176
  • Notes 187
  • 12 - The Future of Opec 188
  • Notes 197
  • Selected Bibliography 199
  • Index 203
  • About the Author 206
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