OPEC's Second Coming

As geologists and economists hotly debate when oil will begin to run short (see main text), there9s general agreement that despite today9s dirt-cheap, $14-a-barrel oil, the oil-consuming nations of the world had best take heed from the lessons learned during the oil crisis a quarter-century ago. The domination of the market by the Organization of Petroleum Exporting Countries (OPEC)--which spawned the 970s crisis--will soon return, probably in the next decade.