Saudis oppose any oil price hike at OPEC meeting
At the Bali gathering Saudi Oil Minister Ahmed Zaki Yamani said no further price increase should occur this year. Indonesian President Suharto urged fair pricing amid inflation-linked adjustments while OPEC eyed a possible 5 to 10 percent rise. Delegates moved toward a replacement-value pricing method as talks extended, with Mohammad Sadri elected OPEC president.
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Zarb Advocates Forceful Talk For OPEC Negotiations
Federal Energy Administrator Frank Zarb told business leaders at the White House that the way to negotiate with oil exporting nations is to switch a 2 by 4. He said this approach is emotionally satisfying though not productive, while urging steps to enact Project Independence and boost U S nuclear power and coal production to reduce imports from OPEC amid a tense energy policy climate.
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Court blocks licenses for nuclear fuel recycling
A federal appeals court halted the Nuclear Regulatory Commission from granting interim licenses for nuclear fuel recycling plants and barred licensing of transport of products like plutonium and uranium mixed oxide fuel. The ruling cited environmental impact concerns and potential security risks from large shipments.
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