A Brave New Energy World

Lower oil prices cause unexpected difficulties for Government and industry

For nearly a decade, escalating energy prices have sapped the economies of industrialized countries, spurred long and steep inflation, and sent hundreds of billions of dollars flowing into the treasuries of a handful of oil producers. Now the combined effects of recession and conservation have sharply curbed demand for oil and forced the most serious price break since the Organization of Petroleum Exporting Countries quintupled the cost of crude between 1973 and 1975.

The new world of lower energy prices, though, is presenting new and different challenges to both Government and industry. Cheaper...

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