OIL: Results of a Lifted Embargo

It was the Arab oil embargo that escalated the U.S. energy shortage from a pinch to a crisis—and at the end of last week the Arabs seemed to be on the verge of turning it back into a pinch. Over the weekend, Arab oil ministers began serious discussions of the possibility of lifting the five-month-old ban on oil sales to the U.S. Washington officials privately expressed high hopes that they would also agree to pump oil again at the rates reached before the Arab-Israeli war broke out last October (production has since been cut 15% below that...

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