Nation: Dance of the Oil Dervishes

OPEC's sharp price increase will hurt the U.S. economy

If Jimmy Carter tried to describe one of his worst nightmares, he might report that he had imagined seeing a group of Arab oil ministers waving AK-47 Soviet rifles above their heads and dancing like dervishes on the tennis court of the Hilton Hotel in Abu Dhabi. The reason for their jubilation, in this nightmare, was that they had just engineered a huge increase in the price of crude oil. Unfortunately, this was no Arabian Nights fantasy but sobering reality last week. Several Arab ministers...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!