An Interim Status Report on the Energy Crisis and Its Effect on World Shipping

Abstract

At the time of writing, the newspapers are filled with the subject of the energy crisis. Retail prices of gasoline have gone up significantly; gas stations often are out' of gasoline and frequently closed. The Arab oil states embargo, however, has been partially lifted. A most favored list of nations, including Britain, France, and Spain, will now be able to import all the Arab oil they require. Japan will obtain aggregate oil supplies amounting to not less than its average imports of Arab oil during the month of September 1973. Embargoed states such as the United States and Holland, whose supplies of Arab oil have been cut off, continue in that situation. It is important to emphasize that this is the condition at the time of writing because by the time this paper is read, it is entirely possible that the situation will be quite different. Every day something new occurs in this vital area.