Energy: The Squeeze on Next Year's Economy

Even before the Arabs' oil embargo, forecasters almost unanimously predicted a slowdown for the U.S. economy next year. Now fears are growing that the oil crisis could lead the nation closer to a recession, with some rises in unemployment, heightened inflation and widespread shortages of vital petroleum-based products.

TIME last week asked members of its Board of Economists for their evaluation of the situation. The members were quick to stress that they were now peering into a future that was at best murky. For one thing, no one is certain how long the Arab...

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