An embargo may still be keeping Arab oil out of the U.S.but not the gigantic amounts of investment capital that the Arab countries are accumulating by selling that oil elsewhere. Over the years, the Arabs have piled up American holdings estimated to be $10 billion to $15 billion. Now such thinly populated countries as Kuwait, Saudi Arabia and the Persian Gulf sheikdoms are pulling in more money through oil-price boosts than they can possibly absorb at home, and are channeling still more cash into the U.S.
The money is being placed discreetly, without publicity, in outlets that draw...
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