OIL: How to Lick a Shortage

As the fighting tapered off in the Middle East last week (see FOREIGN NEWS), the oilmen of the free world faced up to a huge problem: How can the West be supplied with all the oil it needs? Some 25% of the free world's oil—and 80% of Western Europe's supply—has been coming from the oilfields of the Middle East. Last week, as a result of bombing, sabotage and plain self-defense, the flow of some 1,700,000 bbls. out of total export production of 2,600,000 bbls. a day had been cut off or disrupted, at least temporarily, and the prospects were...

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