A DRAMATIC YEAR

A YEAR AGO President Reagan announced his peace plan for the Middle East; King Fahd tried again, and again at Fez, to support, and amend it. Both plans have gone into the dustbin. A year has passed in which the United States has become deeply committed throughout the area; the PLO has been extinguished as a threat to Israel; Arafat has deserted Hafiz Assad - or vice versa, according to choice; Iran has begun to bleed Iraq to economic death; Opec has demonstrated its inability to control non-member producers; Begin, after five years of alternating aggression and conciliation, has resigned.