Reports talks with Western Europe government, NATO, European Commission, and oil company personnel and analysts. Despite a pervading sense of foreboding and shaken foundations, disaster had not arrived. Unemployment (6 percent in the United States) was 3 percent in Germany, France, and Britain. Salaries and pensions are indexed to the cost of living. Energy is freely consumed. International Shell leads a movement to "nationalize" the daughter companies of transnational corporations--American companies are less forward. Political and financial leaders and managers outdo each other in offering services and assets to the new Arab oil overlords; the most vulnerable countries may be tempted to sacrifice Israel like Czechoslovakia. The clearest repudiation of this view is from West German Chancellor Helmut Schmidt, who considers Israel an outpost of the Atlantic Alliance. Views of U.S. power are confused and ambivalent--except in France, where anti-Americanism is strong and a spate of books declare the oil crisis a U.S. government plot against Europe. 14 pp.
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