Cooperate or Else

July 1974
Time;7/22/1974, Vol. 104 Issue 4, p85
The article reports on the 480% price increase of petroleum products among the oil-exporting countries since 1970. This gives oil importers no room for alternatives. Economist Walter Levy argues that importers need to select either world oil cooperation or international chaos. Levy points out that industrialized nations should cut oil imports to cause recession or operate huge trade deficits. He suggests major oil-importing nations to work on a program to establish six-month oil stockpiles and share imports, coordinate research and development of alternate energy sources, and agree not to get cash for oil payment.


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