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Europe Japan Panic Over Arab Oil Embargo War Threat
West Europe and Japan react with panic to Arab oil boycott as economies stall and unemployment rises. The dollar strengthens in Europe while Tokyo braces for February cold. West Germany seeks emergency action. Netherlands bans Sunday driving. Manila orders air conditioners off. The United States relies on Arab oil for about 12 percent, mostly on the East Coast. NATO and the European Common Market face strain. Britain and France seek exemptions. The crisis threatens a united Europe and the Soviet Union benefits from any rift.
MENTIONED IN THIS ARTICLE
Western
Europe
Japan
Panin
West Germany
Netherlands
Manila
United States
U.S
Israel
NATO
Portugal
Common Market
Soviet Union