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...m.p.h. speed limit qualifies as a success. "One of the most effective highway safety policies ever adopted," says a report by a National Research Council committee. The study, released last week, declares that last year the speed limit saved 2,000 to 4,000 lives, 167,000 bbl. of oil per day and $65 million of taxpayers' funds for welfare and medical costs to accident victims and their families...
Opponents of the law have argued that it is unnecessary on uncrowded interstate highways outside urbanized areas. But the study contends that if the limit on those highways is raised to 60 m.p.h. or 65 m.p.h., an additional 500 people a year will be killed. 10 million additional bbl. of oil consumed and taxpayers" costs raised by $ 10 million. The council committee advises an offsetting safety improvement for any waiver of the 55 m.p.h. limit: "For example, a state might be permitted to increase the speed limit on its rural interstate routes if it enacted a mandatory safety belt...
Surprisingly, bank loans to foreign governments were almost nonexistent until a decade ago. But the 350% rise in oil prices in 1973 and 1974, from $2.59 per bbl. of Arabian light to $11.65, changed the face of world finance. In the new era of costly energy, scores of countries, not all of them in the Third World, were too strapped to pay their imported-oil bills. At the same time, Western banks suddenly received a rush of deposits from oil-producing nations. It seemed only logical, even humane, that the banks should recycle petrodollars from the rich to the needy...
...latest OPEC crisis was set off three weeks ago, when Norway discounted its oil price by $1.50 per bbl., to $28.50, because it could not sell all it wanted to at the higher level. Britain quickly followed, and then Nigeria, an OPEC member, broke ranks with the cartel and lowered its price. OPEC members, fearful of a round of reductions, scrambled to halt the slide...
Saudi Arabia, OPEC's biggest producer, took the brunt of the group's 1.5 million bbl.-per-day cutback. The Saudis agreed to reduce their output limit by 647,000 bbl. a day, to 4.4 million bbl. More important, Sheik Ahmed Zaki Yamani, the Saudi Oil Minister, promised to trim production even further, if necessary, to hold the line on prices. Other OPEC members, except Nigeria and Iraq, grudgingly accepted reductions of about 9% each. Two non-OPEC oil producers, Egypt and Mexico, whose petroleum ministers attended some of last week's sessions as observers, promised...