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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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061989
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06198900.012
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1990-09-22
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BUSINESS, Page 49Business NotesOPECMore Pinch at The Pump
Just in time to hit motorists at the start of the peak driving
season, gasoline prices have risen about 25% in the past two
months, to a U.S. average of $1.25 per gal. The pain at the pump
is largely the result of higher crude-oil prices, and no relief is
in sight. Members of the Organization of Petroleum Exporting
Countries, whose squabbling has sometimes led to price wars, were
relatively cooperative with one another when they met last week in
Vienna. Because of strong worldwide demand for OPEC's crude, the
group decided that it could boost its self-imposed production quota
by 1 million bbl. a day, to 19.5 million, without suffering any
serious decline in oil's market price of about $18 per bbl.
Moreover, OPEC decided to review the new quotas in September, when
the oil ministers meet again in Paris. They may be able to raise
their output even more.
But last week the chronic rifts among OPEC's 13 members
remained just below the surface. Kuwait, whose Energy Minister
signed the accord reluctantly, pointedly refused to abide by the
quota imposed by its fellow members.