The leaders of the free world's seven strongest industrial nations were in the process of donning formal dress for a state dinner with Emperor Hirohito of Japan when aides brought the news that all of them had awaited with dread. On the other side of the globe in Geneva, the OPEC ministers had once again jacked up the world price of oil, and the bite was fully as bad as gloomy prophets had predicted—and perhaps worse. The cartel's complex system of base quotes and surcharges works out...
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