News roundup: Oil bust of 1986 reminds US drillers of price war risks … Consumer spending rose 0.2% in October … Obama to introduce sweeping new controls on ozone emissions

    Lessons from the past: The last time that U.S. oil drillers got caught up in a price war orchestrated by Saudi Arabia, it ended badly for the Americans. As Bloomberg reports, it was back in 1986 that …

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