Building a Common Oil Policy
Prof Edith Penrose article on oil shortage asserts crisis posed by difficulties arising from Israeli-Arab conflict is exaggerated; says consumer nations have been left in unacceptable position but way out is not energy action groups or confrontation with producers; urges US-Eur cooperation; holds consumer pressures on supplies forced prices to rise; notes Arab and Eur position that Israel withdraw from occuppied territory and US contrary stance; holds US position is factor, coupled with mismanagement of domestic supplies, in US and internatl shortages; cartoon; graph of predicted shortfall in US, Japan, Canada and Eur nations (L)
