Oil Slick Ahead
L. Morse, in Foreign Affairs(Spring 1986), 58 East 68th St., ~ew
York, N.Y. 10021.
As oil prices plummeted, from a record high of $40 per barrel in 1980-81
to less than $12 per barrel this past winter, American motorists-and
Washington economists-celebrated the good news.
But Morse, managing director of the Petroleum Finance Company, sees trouble not far down the road.
For nearly a century the oil market has experienced major price fluc- tuations, cycling from boom to bust and back...