Energy: Unity Against a Rat Race

As early as 1941 FORTUNE described Walter Levy as "a distinguished authority on world oil," and his eminence has only increased over the decades. He researched Nazi oil targets for the U.S. Office of Strategic Services in World War II, later directed the State Department's oil intelligence operations. Now Levy, 67, heads his own Manhattan-based consulting firm and has acted as oil adviser to every Administration since Truman's. Speaking at last week's TIME conference on the Middle East, he gave a sobering energy message. Excerpts:

Even before the Iranian revolution, the problem of oil supply and demand was a difficult one for...

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