Energy: Risky Road of Retaliation

Whispers about retaliation against the Arabs have been heard since the beginning of the oil boycott, and last week Secretary of State Henry Kissinger voiced them out loud. In a press conference, he warned that if the embargo continues "unreasonably and indefinitely, the U.S. will have to consider what countermeasures it will take." Saudi Arabia's Oil Minister Ahmed Zaki Yamani promptly replied that the Arabs might then cut oil production by 80% rather than just 25%, and destroy the economies of Europe and Japan.

There are indeed countermeasures available to the U.S., but they...

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