In a 14-minute ceremony one day last week, Under Secretary of State Stettinius and Lord Beaverbrook signed a British-U.S. oil agreement aimed at ending cutthroat competition between the two nations. In its final form the agreement's provisions are virtually the same as those the oil experts gave their Governments for approval last spring (TIME, May 15). Under it the two nations (which control about 90% of the world's oil) will set up an eight-man international commission by which they hope to: 1) stabilize postwar world oil markets; 2) provide orderly development of world oil properties, especially U.S. and British Middle Eastern...
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