OIL: Troubled Waters

For three months in Washington, British, Canadian and U.S. oil experts have been conferring on a broad and complex question: How can Britain cut down on its greatest dollar drain, the $625 million a year it spends to buy and produce oil? ECA had tried to help: it had allocated $30 million for the construction of oil refineries in Britain.

Last week, without so much as a by-your-leave to the U.S. conferees, Britain announced a solution all its own. Beginning Jan. 1, it will ban imports of fuel oil to Britain from the dollar...

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