OIL: Plenty--For a While

Within minutes after the news from Iraq hit the wires last week, oilmen began to face up to the problem of what to do if oil supplies from the Middle East are cut off. Though Baghdad Radio announced that the new regime will honor existing agreements with Western oil companies, and oil continued to flow (see FOREIGN NEWS), few oilmen were willing to relax. From beneath the burning deserts of the Middle East flow more than 4,000,000 bbl. of oil a day, a quarter of the free world's production. About 90% of the oil is exported, and 58% goes to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!