Iran loses its oil clout
After Iranian oil exports were first bottled up for about two months nearly a year and a half ago, petroleum prices soared on world markets, oil-industry profits exploded, and long lines stretched out at gasoline service stations round the country. But would a second shutoff of Iranian exports prove equally disruptive? Not necessarily.
That at least is the opinion of oilmen and Government officials. Last week they were considering whether a renewed Iranian cutoff would create havoc in world markets and compel "oil sharing" among the U.S. and 19 other members of the International Energy Agency.
Under IEA rules,...