OIL: The Battle of the Atlantic

NOW that the dollar is being devalued, anybody who drives a car or heats his house with oil may well face higher fuel bills. Reason: world oil prices are generally set in dollars, and the increasingly militant oil-producing countries will press even harder for more dollars to make up for devaluation.

As foreign oil becomes costlier, U.S. oil companies will step up their search for domestic sources. Already they are moving their derricks farther and farther offshore to tap deposits under the ocean floor. One of the hottest exploration areas stretches along the...

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