Meeting in Paris last week, the 21-nation Organization for Economic Cooperation and Development pondered proclaiming an international oil emergency. The decision was noat least for a while. But the Arab oil boycott is causing dislocations in petroleum supply that should be felt for a long time.
The Arab boycott applies only to the U.S., Britain and, to a lesser degree, West Germany. By last week, only Libya among the major Arab producers had failed to resume shipments of at least some oil to other countries. Nonetheless, Arab oil, which supplied one-third of the...
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