MONEY: The Petrocurrency Peril

The oil-supply emergency ended this spring with the lifting of the Arab petroleum embargo, but a different kind of world oil crisis is approaching with onrushing speed. It is a potential money crisis caused by the quadrupling of oil prices orchestrated last fall and winter by the Organization of Petroleum Exporting Countries. The threat that these increases pose to world financial mechanisms absorbed much of the attention of bankers and government officials from the U.S., Europe and Japan who gathered in Williamsburg, Va., last week, but their deliberations produced no clear solution....

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