Business: Priming the Pump

The black gold at the end of Britain's rainbow began flowing ashore from the North Sea for the first time last week. The victory over wind, sleet, 100-ft. waves and British muddle came on the 160th anniversary of the battle of Waterloo, and it sent Energy Secretary Anthony Wedgwood Benn into a fit of hyperbole as he opened the first valve on the Isle of Grain. Benn held aloft a souvenir bottle of the crude and announced to an assembly that included U.S. Ambassador Elliot Richardson: "This is much more significant and historic than...

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