While it is true that not everyone in such a country will agree that this is the best way to run the government’s ‘civil service,’ by and large one h… - Neil H. Jacoby

World energy problems entered the headlines during 1973 and 1974 when members of the Organization of Petroleum Exporting Countries (OPEC) unilaterally quadrupled the price of crude oil. Concurrently, members of the Organization of Arab Petroleum Exporting Countries (OAPEC) cut back production and imposed a temporary embargo on shipments to the United States for political reasons. Suddenly, the industrialized nations awoke to their heavy and increasing dependence upon the abundant supplies of oil from Africa, the Middle East, and Latin America.

In 1949 coal met nearly two-thirds of the world’s energy needs, oil less than one-quarter, and natural gas about one-tenth, with water power a residual 2 percent. By 1971 the use of coal had dropped to one-third of world energy consumption, while the use of oil had risen to 43 percent and natural gas to 21 percent.

A foreign oil industry consisting mainly of private multinational companies competing in open markets has unique values to the Western World. Profit-motivated firms have proven to be better adapted to accept long-term risks and to allocate investment multinationally than have politically motivated government agencies.