Business: Costlier Oil

And a bigger cartel too?

Amid the most elaborate security operation that Norwegians had seen since World War II, 70 representatives of ten Arab countries gathered in Oslo last week to discuss their favorite topic: oil. The news that came out of their three-day conference was about as chilly as the city's 50ºF. weather. The Arabs not only wanted to bust the two-year freeze on oil prices with a substantial increase in 1979, they also called for a plan under which oil prices would continue to rise in step with the cost of other raw materials.

The countries represented at the meeting...

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