“If we had foreign concerns making price fixing agreements which affect the American market we would say those are cartel agreements that violate the Sherman Act”, he said.

The Arab oil nations, members of the Organisation of Petroleum Exporting Countries, imposed an embargo on the United States and other countries in the winter of 1973. OPEC steadily raised prices from a level of about $2.50 a barrel before the embargo, to nearly $20 a barrel on some sales. Months after the embargo, the price stabilised at $11 to $12, but today it ranges from $12 to $13.

Asked if he were merely raising a “rhetorical question”, Mr. Levi said: “I don’t just go around making rhetorical questions. I think it’s something we have to look at. Yes, it’s something I’m looking at”.

“Do you have a task force working for you” ? a reporter asked. “Well, I’ll tell you”, Mr. Levi said, “I’ve hired one of the best antitrust lawyers in the country to work on it—namely me”.

Iceland’s decision to increase her 200-mile fishing limit has been described as “regrettable” by British trawlermen, but this does not necessarily mean another “cod war”. The cod war itself broke out in 1972 over Iceland’s decision to extend her fishing limits from 12 miles to 50, which brought a storm of protest and resulted in British trawlers and warships venturing into the zone regardless.

The Icelandic Government, however, has increased that limit yet again, up to 200 miles. Fisheries Minister Mr. Matthias Bjarnason made this announcement from Reykjavik, saying the new limit of 200 miles would come into use as from Oct. 15 and if necessary would be defended with force. Mr. Bjarnason explained that the extension of the limit was needed to prevent Icelandic fishing banks from being over fished. The Icelandic fleet was now capable of utilising all the fish stocks in the area, he added. However, the Minister went on to say that they are prepared to discuss the new limit with other countries, but only on the basis that foreign trawlers could fish inside the limit “for an extremely limited duration of time”.

He feared that if no agreement with Britain was reached before the existing agreement expired on Nov. 13 then Britain would order her trawlers to continue as if there was no extension. The Minister warned that while his country is perfectly prepared to discuss the new limit with Britain or any other nation, they would not tolerate any “unreasonable attitude from anyone and are prepared to take the necessary steps to protect the fisheries—the basis of life in this country”.