OIL: Nationalization in Part

Having forced oil companies to swallow two major price increases over the past year, the eleven nations that sit atop the world's rich pools of oil are now demanding a piece of the companies themselves. Their goal is "participation,", which is merely another way of describing partial, and probably increasing nationalization of the U.S. and European firms that drill in their territory. At a meeting in Beirut of the Organization of Petroleum Exporting Countries (OPEC), which ended last week, the largest consortium of oil companies, the Arabian American Oil Co., bowed to the inevitable and agreed in principle to...

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