OIL: Waves from Suez

All over Europe last week, the shortage of oil from the Middle East clamped a squeeze on consumers and industry alike. With only enough oil for about two months, the French government watched helplessly as panicky Parisians besieged gasoline stations—and prudently began hoarding every other commodity, from coal to soap (see FOREIGN NEWS). Britain, which announced that official gas rationing will start in two weeks, is little better off. Estimates are that oil reserves will last through January. Then Britain will have to reduce consumption 25% or more, depending on how much oil it can import from the U.S.

Oil...

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