Foreign Oil Seen Rising $2 a Barrel: Oil-Exporting Nations Seen Boosting Prices $2 a Barrel
The worldÛªs oil-producing countries are expected to raise prices $2 a barrel at the end of the summer, a move which could deepen the worldwide business recession and would add up to 8 cents to the gallon price of gasoline in the United States.</br></br>ÐÊ At the very least, many economists feel, a S2 increase 1 in world oil prices would post- * pone the time when an upswing in business might take place.</br></br>Some economists have long felt that the recession was triggered by the huge increase in world oil prices last year at the end of the Arab oil cm-1 bargo so that any new price j rise can only mean more trouble for. the worldÛªs economy. |</br></br>Federal Energy Administrator Frank G. Zarb said in an interview, ÛÏand it once more underscores the need to conserve oil in the United States.Û</br></br>Zarb was one of four sources who confirmed that the worldÛªs oil producers plan to raise the prices when they meet in September in Libreville, the capital city of Gabon, West Africa. Three of the four sources said the price increase would be $2 a barrel, j One source was an executive of a major international oil company which is changing its-planning to accommodate a $2 increase in world oil prices.