Posted AT 1:20 PM EDT on 02/01/08
OPEC, war in the desert and bicycles in Bali
LONDON —
(Nicholas Moore, former chief energy correspondent at Reuters, remembers covering OPEC policy in 1980, when inflation-adjusted oil was last worth $100 a barrel.)
It all had to do with something that OPEC decided to say was its “deemed marker.”
It's a long story.
It was in 1980 and the Organization of Petroleum Exporting Countries was at its cryptic best in those days.
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