WORLDWATCH: Oil Price War - No Solution on the Horizon - Herbert W Armstrong - October 1974

Herbert W Armstrong

When the Arab oil embargo was lifted last March, the crisis, instead of being over, shifted into the realm of international finance. A lmost overnight the international oil bill has jumped from $25 billion to $100 billion. As a result, the twelve member nations of the Organization of Petroleum Exporting Countries are likely to register a trade surplus of about $70 billion for 1974 as opposed to only $5 billion last year. - Information Supplied By: Herbert W Armstrong Library