OPEC over a Barrel

After years of climbing up and up, petroleum prices have begun to show the first signs of slipping and sliding. Moreover, the 13-nation Organization of Petroleum Exporting Countries, which meets in Geneva this week for its semiannual price-setting conference, does not now appear able to do much about it.

That was the encouraging message offered by TIME'S Board of Economists. Members were confident that, barring some new reduction in supply, such as first occurred in the wake of the Iranian revolution and later during the Iran-Iraq war, prices will remain stable for perhaps the next 18 months or so. Said Energy Economist...

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