The runaway spiral of oil prices has gone beyond economics to become a matter of diplomatic concern. Secretary of State Henry Kissinger implied at a press conference last week that it could bring on a "worldwide depression" by making industrial nations unable to pay for the oil they need. He went on to promise mysterious "personal initiatives" by President Nixon, starting this week, to get about 20 oil-consuming and -producing countries together to do something to prevent prices from exploding through the stratosphere.
What Kissinger seems to be aiming at is a global deal under which oil-burning countries would guarantee...
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