OIL: World Policy

With a minimum of fanfare, U.S. and British oil experts sat down in Washington three weeks ago to formulate a joint worldwide policy on oil. Last week, after a minimum of dissension, they quietly initialed an agreement, passed it along to their Governments for final approval.

This lack of fuss was in inverse proportion to the significance of the agreement. Under it, the two nations, which control some 90% of the world's oil, laid down the broad policy which they hope to follow to: 1) stabilize oil markets in the postwar world; 2) provide for the orderly development, mainly by...

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