OIL: A Single High Price

Since the oil-price spiral began 14 months ago, crude prices in the main producing countries have seemed a convoluted mess to Western eyes. At least three different figures could be cited as the price for a barrel of crude. Last week members of the Organization of Petroleum Exporting Countries, meeting in Vienna, voted (despite two bomb scares that emptied the hall) to do away with this arcane setup and start on Jan. 1 a new one-price system. For most of OPEC'S members, the move means yet another increase in their sky rocketing oil revenues,...

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