In This Review

Crude Oil Prices As Determined By OPEC and Market Fundamentals
Crude Oil Prices As Determined By OPEC and Market Fundamentals
By Paul W. MacAvoy
Ballinger, 1982, 199 pp

Professor MacAvoy of Yale, aided by simulations, argues that market conditions do more than OPEC to explain past oil price changes and will probably do so in the future. He provides the whole model for those who wish to change the terms.