Winners and Losers Here and Abroad
A tremendous shock wave has once again hit international oil markets. A reverse image of the price increases of the 1970s that brought inflation, recession and trade deficits to oil-importing countries, the latest tremor consists of a collapse of petroleum prices. The value of a barrel of oil has been more than halved since last autumn, falling from just under $30 a barrel to below $11 a barrel by April. Many analysts expect the tumble to continue—barring unexpected agreement among OPEC members on production quotas and a drastic lowering of output, especially by Saudi Arabia. OPEC ministers will meet in Geneva April 15 to try again to reunify the cartel which pushed oil prices to record heights1 in ...