Boycotts rarely work, and the Arab effort to starve the West for oil proved to be no exception. While Europe tapped costlier supplies in the U.S. and Venezuela, three months of a some what leaky embargo by Arab countries on oil shipments to the U.S., Britain and West Germany merely robbed their own treasuries of millions in royalties and taxes. Last week, almost as swiftly as it was imposed during the Arab-Israeli war, the ban for all practical purposes ended.
First Saudi Arabia, then Kuwait, Libya and Iraqthe four major Arab oil-producing statesagreed...
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