Down, Down, Down

OPEC finds that it is a crude, crude world

After having almost everything go their way for the past decade, the 13 members of the Organization of Petroleum Exporting Countries were faced last week with a long list of things going against them: plunging oil prices, oversupplies, excessive production, drooping consumption, world recession with fears of depression. Even Humorist Art Buchwald was having fun with OPEC's woes. The columnist "quotes" a man from Qatar as saying: "Since the oil glut we've had to cancel four palaces, and make do with three used 747s for our sheiks."

Poor, poor OPEC, Buchwald went on, needling...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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