Revenge Of The Old Economy

Oil shock 2000 shows that energy costs can still pack a wallop

Apparently, some Old Economy bogeymen can still reach out from the grave. High oil prices are hurting economies and angering consumers around the world. In Europe, protesters are seeking relief via a rollback of high fuel taxes. Truckers brought chaos to central London on Sept. 13. The same week, cabbies demonstrated in Germany and fishermen occupied ports in Italy. In the Pacific Rim, finance ministers from oil-dependent industrializing nations called on OPEC to hike production further. And in the U.S., where soaring prices of home heating oil are becoming a Campaign 2000 issue, President Clinton announced the creation of a heating-oil reserve.

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